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5-time NBA champion Earvin “Magic” Johnson is the latest investor within the Washington Spirit, the Nationwide Girls’s Soccer League crew introduced on Thursday.
“I am excited to affix the Washington Spirit’s investor group at such a pivotal time within the membership’s historical past,” Johnson mentioned in a press release.
“Partnering with a visionary like Michele Kang and her crew to advance the expansion of the Washington Spirit and the NWSL is an unimaginable alternative. I am excited to affix the crew and play my half to assist elevate this group.”
Johnson, 65, starred for the Los Angeles Lakers from 1980 to 1996, successful 5 NBA titles and three MVP awards. He was a 12-time All-Star and was named by the NBA as one of many 50 best gamers in league historical past upon his retirement. In recent times, Johnson has entered the sports activities enterprise house, investing in a number of groups.
Kang has been the Spirit’s principal owner since early 2022, when she purchased the crew for $35 million, which was an NWSL file on the time and about 10 instances the valuation of a unique NWSL franchise sale two years earlier.
The Spirit had simply received the 2021 NWSL championship amid a tumultuous season that included the ousting of former head coach Richie Burke amid allegations of abuse. Amid their run to a championship, players publicly called for former majority owner Steve Baldwin to sell the team. Kang was a minority proprietor on the time.
NWSL crew valuations have skyrocketed since Kang’s takeover, with the NWSL file for crew valuation falling a number of instances this yr. The July acquisition of Angel City FC by Willow Bay and Bob Iger (CEO of Disney, the mum or dad firm of ESPN) set a new bar with a $250 million valuation.
The sale of Los Angeles-based Angel Metropolis continued the trend of an influx of billionaires into the NWSL, a marked change from its humble launch as an eight-team league in 2013. The NWSL is expected to name its 16th team later this yr.
Johnson is the chairman and CEO of Magic Johnson Enterprises, which additionally holds partial possession within the Washington Commanders (NFL), Los Angeles Dodgers (MLB), Los Angeles Sparks (WNBA), LAFC (MLS) and eSports franchise Workforce Liquid.
“It’s a nice honor to welcome Earvin to the Washington Spirit immediately. From the basketball courtroom to the boardroom, Earvin is aware of learn how to win, and we’re delighted to depend on his experience as a part of our incredible investor group,” Kang mentioned in a press release.
“His dedication not solely displays the power of our membership, gamers, followers and model, but additionally sends a robust message in regards to the development and affect of girls’s sports activities globally. Collectively, we stay up for taking the Washington Spirit to new heights and provoking the subsequent era of younger girls and women worldwide.”
The Spirit didn’t disclose phrases of Johnson’s funding.
Beneath Kang, the Spirit has grown from a membership that averaged simply over 4,000 followers in 2021 to at least one averaging almost 14,000 followers per sport this yr.
Kang has since bought controlling stakes in eight-time European girls’s champions Lyon and English second-division facet London City Lionesses. She plans to buy a number of extra golf equipment on completely different continents and create a worldwide community to scale assets.
