NBA legend and Los Angeles Lakers icon Magic Johnson is reportedly being courted by multiple investment groups aiming to bring an NBA franchise to Las Vegas. According to the Daily Mail, Johnson’s track record in sports ownership and business expertise makes him an ideal candidate to spearhead such a venture.
Johnson’s sports ownership credentials are impressive. In 2012, he led a group that acquired the Los Angeles Dodgers for $2 billion, a team in which he still holds a stake. He also has minority ownership in the WNBA’s Los Angeles Sparks, the Washington Commanders, and Los Angeles Football Club. Until 2010, he owned a portion of the Lakers.
Financially, Johnson is well-positioned for the challenge, with an estimated net worth of $1.6 billion. Starting an NBA expansion team is estimated to require $4–$6 billion in investment. However, the report did not disclose which investment groups have approached him.
A New Home Court for Vegas
The Oak View Group (OVG), a Denver-based private equity firm, is considered the frontrunner to develop an arena for a Las Vegas NBA team. The group is reportedly eyeing a site near the Rio Hotel & Casino. T-Mobile Arena, home to the NHL’s Vegas Golden Knights, is unsuitable due to scheduling conflicts with the NBA season.
Other potential projects include an 18,000-seat arena proposed by Las Vegas-based developer LVXP. The site, once home to the Wet n’ Wild waterpark, has faced setbacks in the past, including a decade-long delay under a previous landowner. However, LVXP lacks experience in arena development, raising questions about its viability.
In contrast, OVG has a proven track record, having developed high-profile venues such as Seattle’s Climate Pledge Arena, the UBS Arena in New York, and Manchester’s Co-Op Live. The firm’s co-founders, Tim Leiweke and Irving Azoff, bring deep ties to professional sports and entertainment.
Possible Challenges Ahead
While Las Vegas appears to be the most likely destination, the Daily Mail suggests other cities are under consideration, including Kansas City. The city hasn’t had an NBA team since the Kansas City Kings relocated to Sacramento in 1985.
Johnson may also face competition from LeBron James, who expressed interest in owning a Las Vegas NBA team in October 2022. As the league’s first active billionaire player, James described the opportunity as “amazing” and praised the city’s fan base.
Finally, Johnson’s long-standing loyalty to the Lakers could pose a hurdle. He has previously stated he would only consider owning another NBA team under specific circumstances.
As talks progress, Johnson’s involvement could mark a historic step in bringing professional basketball to Las Vegas. Whether he decides to take the leap remains to be seen.
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