In a breaking development that has sent shockwaves through social media, it appears that Earvin “Magic” Johnson is pursuing an ownership stake in the Las Vegas Raiders.
Liz Hoffman, who covers business and finance for Semafor, recently ran a scoop in which she offers some insight into the development. In particular, she noted that Johnson’s acquisition could set a record for sports deals. The Raiders have always been historically tied to the Davis name, first with Al, then with his son, Mark.
If a deal were to go through, you’d have to wonder how that would change. Mark’s run as owner since taking over following his father’s passing has been contentious. The move to Las Vegas has been hailed as a success financially. At the same time, the team hasn’t experienced much on-field success. Davis himself has received criticism for bringing back Jon Gruden and after a 1-4 start to 2022, things are still shaky.
Raiders News: Is Las Vegas Getting Some “Magic” Soon?
Hoffman also reminded folks that back in August, it was Forbes that reported Davis had received an offer for a minority stake. At that time, the Raiders were valued at $6.5 billion. The move by Johnson would be important for more than just financial reasons. The NFL has long been criticized for its lack of diversity at the ownership levels. Hoffman also broke down how one becomes a majority owner in the league, which the NFL hasn’t had someone of color in that position yet.
“League rules require the principal owner of a team to hold at least 30% and the entire ownership group cannot exceed 24 people, which contributes to a clubby circle at the top. The league reportedly discussed making an exception to those rules when the Broncos were sold to diversify the pool of potential investors.”
Regardless of how you feel about the Jon Gruden debacle, it was nonetheless a black eye for the Raiders. This was true in terms of issues of race discrimination, as Hoffman points out.
“The Raiders last season had their own issues with race discrimination. Emails from then head coach Jon Gruden were leaked last year in which he used racial epithets. The team’s controlling owner, Mark Davis, who has been a vocal proponent of diversity in the NFL, quickly fired Gruden.”
It should also be noted that Johnson himself or his investment firm, Magic Johnson Enterprises, didn’t return messages to Hoffman. The NFL will obviously need to approve any sale of ownership stakes. We can expect this story to continue developing. That being said, how do you feel, Raider Nation? A Los Angeles Lakers legend interested in joining the Silver and Black?
*Top Photo: Mark J. Terrill/AP
