It’s official: NBA legend Magic Johnson has made headlines with his latest venture, as Magic Johnson joins Washington Spirit, the National Women’s Soccer League (NWSL) franchise. Johnson’s entry into the world of women’s soccer is anything but modest. He has joined the ownership group alongside majority owner Michele Kang. The announcement, brimming with flair and ambition, was revealed on CBS Mornings, marking a significant moment for both the Spirit and the broader sports landscape.
Magic Johnson Joins Washington Spirit: A Game-Changer or Just Hype?
Michele Kang, who acquired the Spirit in 2022 for a record-breaking $35 million, is no stranger to making bold moves. And now, she’s partnering with a man who knows a thing or two about winning. Johnson is already entrenched in the world of sports ownership, with stakes in the WNBA’s Los Angeles Sparks, MLS’s Los Angeles FC, the NFL’s Washington Commanders, and the Los Angeles Dodgers.
But why women’s soccer? As Johnson put it, “The game’s exploding in America.” He and Kang bonded over a shared vision for elevating women’s sports to new heights. The two clicked instantly when they met in Los Angeles, and according to Johnson, they both felt the need to take action. “It was a great conversation. Michele and I knew we had to do something big for women’s soccer,” he explained.
This move is not just about business; it’s about changing the game—literally and metaphorically. Johnson emphasized, “I want to make sure that this sport, women’s soccer, can grow.” And with his influence and financial muscle, there’s no doubt it will. Johnson also spoke passionately about representation in sports ownership: “It’s crucial for minorities to be in ownership positions.” He’s determined to help athletes transition from sports into business and other ventures.
Meanwhile, Kang has been making waves in the sports world herself. Just six weeks ago, she launched Kynisca Sports International Ltd., a pioneering global entity focused on women’s soccer, establishing a multi-sports ownership network that spans the Washington Spirit, Olympique Lyonnais, and London City Lionesses.
But Johnson’s move isn’t the only ownership shake-up making headlines. Over at Angel City, another NWSL team, Willow Bay, a renowned broadcast journalist, and her husband, Disney CEO Bob Iger, have become the new controlling owners. This dynamic duo’s arrival marks the highest-ever valuation for a women’s sports team, with Angel City now worth a whopping $250 million.
Taking over from Reddit founder Alexis Ohanian, who remains a minority owner, Bay and Iger have made their mark with a massive $50 million cash infusion aimed at supporting the club’s growth. Angel City, which began as a modest $2 million expansion team in 2020, now exemplifies the rapid surge in valuations and investments in women’s sports.
The landscape of women’s sports is shifting fast, with clubs like Angel City leading the charge. More expansion teams are on the horizon, with cities like Cincinnati and Denver vying for a spot in the NWSL. The question now is: Will the next expansion fee surpass the eye-watering $53 million recently paid by a Boston-based group? Only time will tell.
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