Magic Johnson reportedly joins bid to buy Broncos
Los Angeles Lakers legend Magic Johnson is looking to get involved with another professional sports franchise. Johnson joined a bid to buy the Denver Broncos, according to Sportico.
The bid is being led by Philadelphia 76ers owner Josh Harris. It's unclear how much Johnson is putting up as part of the bid. Johnson, those involved with the group and Broncos representatives declined comment when reached by Sportico.
Johnson has experience being part of an ownership group. He dropped $50 million to join the group that purchased the Los Angeles Dodgers in 2012. That was not a large financial commitment, considering the Dodgers sold for $2.15 billion. Johnson also was part of a group that purchased the Los Angeles Sparks in 2014.
It's unclear how much Johnson put up to be part of Harris' group, but the Broncos are expected to sell for a much higher price. Forbes valued the Broncos at $3.2 billion last May.
Broncos made decision to sell in February
After years of legal battles stemming from former team owner Pat Bowlen relinquishing control of the franchise in 2014, the Broncos announced in February the team was going up for sale. Bowlen purchased the franchise in 1984. He relinquished control to a trust in 2014 after being diagnosed with Alzheimer's disease. Bowlen died in 2019.
Infighting between the Bowlen family led to legal battles over who should be the primary owner of the franchise. A ruling in January paved the way for the family to sell the team. Weeks after that ruling, the Broncos announced the team was up for sale. The franchise is expected to sell for roughly $4 billion.
Disclosure: Josh Harris is the co-founder of Apollo Global Management, which owns Yahoo.