Los Angeles Lakers legend Magic Johnson is in talks to purchase a minority ownership stake in the Las Vegas Raiders, according to a report by Semafor. Johnson is said to have been assembling a team of investors that has been conducting its due diligence with the team, and the purchasing price could end up setting a new record for such deals.
The report of Johnson's interest in owning part of the Raiders comes after a Forbes report in August stated that the franchise and owner Mark Davis had received an offer from an unnamed investor for a minority ownership stake, which had valued the team as being worth $6.5 billion -- a price that would surpass recent purchases for ownership of the Denver Broncos and Carolina Panthers.
Semafor noted that a deal has yet to be finalized, and talks could still fall apart.
Should Johnson's interest in becoming a minority owner in the Raiders end up becoming a reality, the Silver & Black would become the latest part of a business empire he has built since his incomparable career in the NBA. Johnson's firm, Magic Johnson Enterprises, currently owns a stake in the Los Angeles Dodgers of Major League Baseball as well as other major national brands like Burger King and Starbucks.
Johnson had previously expressed interest in an ownership stake in the Raiders a decade ago when the franchise was looking for taxpayer money in order to build a new stadium in its original home of Oakland, Calif. Johnson had been linked to a potential investment to bring the franchise back to Los Angeles -- where it played throughout the 1980s -- but such a deal never materialized.