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September 6 – NBA legend turned sports entrepreneur Earvin ‘Magic’ Johnson has bought into NWSL team Washington Spirit, his second club investment in the US, already owning a stake in the MLS’s LAFC.
No value was given for the stake Johnson has acquired. Team owner Michele Kang bought the club in 2022 for $35 million, then a record price in the NWSL that has since seen club values more than triple in recent sales.
“From the basketball court to the boardroom, Earvin knows how to win, and we are delighted to count on his expertise as part of our fantastic investor group,” said Kang. “His commitment… sends a powerful message about the growth and impact of women’s sports globally. Together, we look forward to taking the Washington Spirit to new heights and inspiring the next generation of young women and girls worldwide.”
Kang also owns Olympique Lyonnais Féminin and London City Lionesses, and last month created Kynisca Sports International as part of a mission to unlock the performance potential of women’s football.
Kang has assured that all three of her current clubs will maintain their identities, heritage, and community ties. Kynisca’s ambition stretches beyond Kang’s current ownership portfolio and has hinted at plans to unite elite clubs and invest in infrastructure across Africa, the Americas, Asia, and Europe to drive innovation in women’s sports.
Johnson, the Chairman and CEO of Magic Johnson Enterprises and who is estimated to have a net worth of $1.2 billion, holds partial ownership in the Washington Commanders (NFL), Los Angeles Dodgers (MLB), Los Angeles Sparks (WNBA), Los Angeles FC (MLS) and eSports franchise Team Liquid.
“I’m excited to join the Washington Spirit’s investor group at such a pivotal time in the club’s history,” said Johnson. “Partnering with a visionary like Michele Kang and her team to advance the growth of the Washington Spirit and the NWSL is an incredible opportunity. I’m excited…
Source link : https://www.insideworldfootball.com/2024/09/06/magic-johnson-joins-michele-kangs-washington-spirit-ownership-group/
Author : Paul Nicholson
Publish date : 2024-09-06 08:47:48
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