Earvin “Magic” Johnson Jr.
Net Worth: $600 million
Source of Wealth: basketball, businessman
Born: August 14, 1959 in Lansing, Michigan.
How much money does Magic Johnson make?
|1985-86||Los Angeles Lakers||NBA||$2,500,000|
|1987-88||Los Angeles Lakers||NBA||$2,500,000|
|1988-89||Los Angeles Lakers||NBA||$3,142,860|
|1990-91||Los Angeles Lakers||NBA||$2,400,000|
|1991-92||Los Angeles Lakers||NBA||$2,500,000|
|1992-93||Los Angeles Lakers||NBA||$2,500,000|
|1993-94||Los Angeles Lakers||NBA||$2,500,000|
|Career||(may be incomplete)||$18,042,860|
1979 – Signed a 5-year contract for $460,000 per year with the Los Angeles Lakers.
1981 – Signed a 25-year, $25-million contract with the Los Angeles Lakers.
His $25 million contract was the richest and longest contract in sports history at the time.
Paid endorsements and sponsors
Magic Johnson has gotten endorsement deals with Converse, PepsiCo, Kentucky Fried Chicken, Red Rooster restaurant, SkyBox (trading cards), Unilever (Dove skin care), Rent-A-Center, Jackson Hewitt’s Tax Services, and Tradewest (Magic Johnson’s Fast Break video game).
Since retiring from basketball in 1996, Johnson has been involved in several business ventures. He created Magic Johnson Enterprises (MJE), a holding company. Johnson is the Chairman and Chief Executive Officer of MJE.
Subsidiaries of MJE have included:
Johnson has invested in 31 Burger King franchises , 13 24-Hour Fitness clubs, and several Washington Mutual Home Loan Centers.
Other companies Johnson has partnered with include: Best Buy, CISCO, Aetna, Aon Cornerstone, American Alliance Dialysis, Crescent Capital Group, EdisonLearning, ESPN, and Hudson Retail Partners and Concourse Ventures,
Magic was an NBA commentator for TNT for 7 years, before becoming a studio analyst for ESPN in 2008.
In 1994, Johnson became a minority owner of the Los Angeles Lakers, having paid more than $10 million for part ownership. He also held the title of team vice president. Johnson sold his 4.5% ownership stake in the Lakers in 2010. His stake in the Lakers had an estimated value of $27 million.
In March 2012, a group that included Johnson and executive Stan Kasten bought the Los Angeles Dodgers from Frank McCourt for $2 billion.