Los Angeles Lakers: Analyzing the resignation of Magic Johnson
By Ronald Agers
Magic Johnson is a “Business”…MAN
It seems that Magic Johnson has something that a lot of people don’t have when it comes to employment. That something is called options. Disney has stations to sell because of Federal FCC regulations. How big is Disney? They are the parent company of ESPN, the world-wide leader of sports. Hold on to that point.
It seems two Hip Hop icons are looking make a run for those 22 stations. Ice Cube and LL Cool J wanted to acquire these stations to “change the narrative” of how sports is covered. 21 of those stations are Fox regional sports stations around the country and the YES Network station in New York.
Ice Cube and LL Cool J looking to bid on 22 sports TV Stations Disney was forced to sell following their $71 billion acquisition of 21st Century Fox. @CheddarBigNews pic.twitter.com/EXa4zG2ixn
— Vanessa Freeman (@VanessaFreeTV) November 9, 2018
These two had been working this business arrangement since 2018. $71 billion dollars is a ton of money and the investment group has to be credible with powerful businessmen and women for a business deal of this magnitude. Especially in the media world. Well it took them a while but…
Now guess who is part of the investment group? Let me give you a clue. It’s not Rob Pelinka or Jeanie Buss…
Very happy to add Magic Johnson to our bidding group for Disney’s RSNs. pic.twitter.com/0MoaOdTfLt
— Ice Cube (@icecube) April 17, 2019
Before we move on, let me say this, Magic Johnson is one of the biggest and most powerful figures in NBA history. His business portfolio can be challenged by no one outside of Michael Jordan. Johnson used to own 4.5% of the Lakers before he sold his share over the frustration of how the Lakers were being run. He owns part of the Dodgers. He had a Starbucks investment before he sold it. Remember the movie theaters?
There is no way Magic Johnson is the weak quitter that many fans and members of the media paint him out to be. Most will point to the roster construction this year with the questionable personnel.
What people will forget is the Lakers were in the exact same boat when he started with no cap space and free agents were not coming. The Lakers now have LeBron James locked in for three years (For better or worse) and cap space to work with. He took the Lakers as far as he could with the influence he had (Which obviously not what most executives are supposed to get) and left.