Few players in the history of basketball have lit up the NBA hardwood like Earvin 'Magic' Johnson.
The 6ft 9in point guard was drafted by the Los Angeles Lakers with first overall pick in the 1979 NBA draft, winning five NBA championships with the 'Showtime' Lakers during the 1980s while reviving an entire sport alongside longtime rival Larry Bird.
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Magic's swashbuckling style and swagger combined with his infectious smile and personality made him a household name and global icon.
Forbes estimate that Johnson earned around $40m during his 13-year playing career, less than a tenth of LeBron James' $479m earnings.
But, like The King, as well as GOATs Tiger Woods and Michael Jordan, Magic has built up a $1 billion business empire thanks to savvy investments and smart business deals.
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Johnson -- worth an estimated $1.2b -- insists he could have become a billionaire sooner had he not turned down shares in Nike in the 1970s.
Instead, he penned a $1m [£820k] yearly deal with Converse.
Appearing on theAll The Smoke podcast, he said: "My family didn't come from money, that's one thing that hurt us sometimes.
"When you don't come from money, you don't know. I didn't even know what stocks [were] at that time.
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"So I passed on the stocks. Can you imagine? 45 years, $5bn [£4.1bn] that stock would have been worth today."
Fortunately, Magic founded Magic Johnson Enterprises (MJE) in 1987, aconglomeratethat has a net worth of $700million, that has a commitment to fostering economic empowerment in undeserved communities.
Subsidiaries include Magic Johnson Productions, a promotional company,Magic Johnson Theaters, a nationwide chain of movie theaters, and Magic Johnson Entertainment, a film studio.
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At one time or another, Magic Johnson Enterprises also included a dozen 24 Hour Fitness centers, more than 100Starbuckslocations,31 Burger Kings, malls, and a T.G.I. Friday's in Los Angeles.
He eventually sold most of those, including the 100 Starbucks locations which made him over $100 million.
The 12-time NBA All-Star also owns a minority stake in a PepsiCo bottling plant outside Washington D.C., which hepurchasedin a $60 million deal with investor Earl Graves in 1990.
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However, EquiTrust, an Iowa-based life insurance company Magic purchased a 60% stake in in 2015, makes up the biggest chunk of his net worth.
According to Forbes, the company’s assets have skyrocketed from $16 billion to $26 billion, with annual revenues of roughly $2.6 billion.
The 65-year-old first dipped his toes into sports ownership when he bought around a 4.5% stake of the Lakers in 1994 for a reported $10 million.
Magic sold that stake tobillionaire Patrick Soon-Shiongfor an undisclosed amount in 2010 but has continued to be closely aligned with various Los Angeles-based sports franchises, having ownership stakes in the WNBA’s Los Angeles Sparks and the MLS’ Los Angeles FC.
Johnson has won wherever he has owned, capturing the WNBA championship with the Sparks in 2016 and theMLS Cupin 2022 with LAFC.
“You guys gotta stop calling him Magic and start calling him Midas,” one confidant of Johnson's said. “Because this guy — everything he touches in sports turns to gold."
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The Dream Team icon is also a part-owner of the Los Angeles Dodgers, a Major League Baseball (MLB) team that won the World Series in 2020. He acquired a 2.3% stake in the Dodgersfor $50 million in 2012 when they were worth $2.15 billion - now the franchise is valued at $4.8 billion.
Last summer, Johnson added NFL ownership to his growing portfolio as one of the minority partners inJosh Harris’ successful bid to buy theWashington Commanders.
Harris paid $6.05 billion -- the highest price ever paid for a sports franchise -- to purchase the team from embattled previous owner Daniel Snyder. Johnson invested roughly $240 million, or 4 per cent, into Harris’ purchase.
“It’s the biggest thing I’ve ever done in my life,” Johnson said at the time.
Johnson turned 65 this week. While many in his situation would be enjoying the fruits of their labor and kicking their feet up in retirement, as ever Magic is as committed to winning but also aware of what he represents.
“Breaking these barriers and going through these doors is important to me as a proud Black man," he said after taking over the Commanders.
"I don’t know why God blessed me with these great opportunities. But I want to excel, not just for me and my family, but for all African Americans, making sure we can see ourselves in these seats."
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Magic burst onto the scene in college when he won anational championshipwithMichigan Statein1979, beating Larry Bird's Indiana State.
That was the start of one of the NBA's all-time great rivalries, with Magic and Bird going on to meet in three NBA Finals in 1984, 1985 and 1987.
Bird and the Celtics won their first encounter in 1984 but would lose to Magic and the Lakers in 1985 and 1987.
Magic formed a near unstoppable partnership with Kareem Abdul-Jabbar during his time in Tinseltown.
Johnson's first NBA championship came during his rookie season in 1980 against the Philadelphia 76ers. He started at center in Game 6 and recorded 42points, 15rebounds, 7assists, and 3stealsin a 123–107 win, while playing guard, forward, and center at different times during the game.
He remains the only player in NBA history to win Finals MVP during his rookie season.
Along with the Celtics, Magic dominated the 80s, winning five championship, three Finals MVPs and three MVPs. In 1992 he teamed up with Bird and Michael Jordan on the iconic Dream Team who won the gold medal at the Barcelona Olympics.
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Magic had already retired once 1991 after announcing that he had contractedHIV, but returned to play in the1992 All-Star Game, winning theAll-Star MVP Award.
He then retired again for four years, but returned in 1996, at age 36, to play 32games for the Lakers before retiring for the third and final time.
