Magic Johnson Joins NWSL’s Washington Spirit as Investor

Five-time NBA champion Earvin “Magic” Johnson is the latest investor in the Washington Spirit, the National Women’s Soccer League team announced Thursday.

“I am delighted to join the Washington Spirit investor group at such a pivotal time in the club’s history,” Johnson said in a statement.

“Working with a visionary like Michele Kang and her team to help grow the Washington Spirit and the NWSL is an incredible opportunity. I’m excited to join the team and do my part to help make this organization better.”

Johnson, 65, starred for the Los Angeles Lakers from 1980-1996, winning five NBA titles and three MVP awards. He was a 12-time All-Star and was named one of the NBA’s 50 Greatest Players in league history when he retired. In recent years, Johnson has entered the sports world by investing in several teams.

Kang has been the majority owner of the Spirit since early 2022, when she bought the team for $35 million, a record sum in the NWSL at the time and about 10 times the value of another NWSL franchise sale two years earlier.

The Spirit had just won the 2021 NWSL Championship amid a tumultuous season that included the firing of former head coach Richie Burke amid allegations of abuse. During their run to a championship, players publicly called for former majority owner Steve Baldwin to sell the team. Kang was a minority owner at the time.

NWSL team valuations have skyrocketed since Kang’s acquisition, with the NWSL team valuation record falling several times this year. The July acquisition of Angel City FC by Willow Bay and Bob Iger (CEO of Disney, ESPN’s parent company) raised the bar with a $250 million valuation.

The sale of Los Angeles-based Angel City continued the trend of an influx of billionaires to the NWSL, a marked change from its modest launch as an eight-team league in 2013. The NWSL is expected to name its 16th team later this year.

Johnson is chairman and CEO of Magic Johnson Enterprises, which also has part ownership in the Washington Commanders (NFL), Los Angeles Dodgers (MLB), Los Angeles Sparks (WNBA), LAFC (MLS) and eSports franchise Team Liquid.

“It is a great honor to welcome Earvin to the Washington Spirit today. From the basketball court to the boardroom, Earvin knows how to win and we are thrilled to have his expertise as part of our fantastic investor group,” Kang said in a statement.

“His dedication not only reflects the strength of our club, players, fans and brand, but also sends a powerful message about the growth and impact of women’s sports globally. Together, we look forward to taking the Washington Spirit to new heights and inspiring the next generation of young women and girls worldwide.”

Spirit did not disclose the terms of Johnson’s investment.

Under Kang, the Spirit have grown from a club that averaged just over 4,000 fans per game in 2021 to a club that averaged nearly 14,000 fans per game this year.

Kang has since bought controlling shares in eight-time European women’s champions Lyon and English second division team London City Lionesses. She plans to buy more clubs across continents and create a global network to scale resources.