NBA legend Earvin "Magic" Johnson has acquired WNBA team LA Sparks in a joint investment with Los Angeles Dodgers owner Mark Walter. The terms of the acquisition deal were not disclosed, according to Forbes.
Now that the team is in Johnson's hands, the franchise should focus on winning another championship in the NBA. Another goal is to make the Sparks profitable and promote women's professional basketball, the report explained.
Being the Chairman and Chief Executive Officer (CEO) of Magic Johnson Enterprises (MJE), the NBA star has become a savvy entrepreneur. In 2010, he offloaded his stakes in Starbucks and LA Lakers for more than $100 million. In 2012, he partnered with Guggenheim Baseball Management to purchase Los Angeles Dodgers in a $2-billion deal. At present, MJE reportedly has a net worth of around $700 million, the report detailed.
When asked about making the LA Sparks profitable, Johnsons said: "We know what we are up against and that is okay. We love challenges; we're going to make a profit, no doubt about it. That is why we are in business."
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