Magic Johnson joins NWSL's Washington Spirit as investor - ESPN

Five-time NBA champion Earvin «Magic» Johnson is the newest investor in the Washington Spirit, the National Women's Soccer League team announced on Thursday.

«I'm excited to join the Washington Spirit's investor group at such a pivotal time in the club's history,» Johnson said in a statement.

«Partnering with a visionary like Michele Kang and her team to advance the growth of the Washington Spirit and the NWSL is an incredible opportunity. I'm excited to join the team and play my part to help elevate this organization.»

Johnson, 65, starred for the Los Angeles Lakers from 1980 to 1996, winning five NBA titles and three MVP awards. He was a 12-time All-Star and was named by the NBA as one of the 50 greatest players in league history upon his retirement. In recent years, Johnson has entered the sports business space, investing in multiple teams.

Kang has been the Spirit's principal owner since early 2022, when she bought the team for $35 million, which was an NWSL record at the time and about 10 times the valuation of a different NWSL franchise sale two years earlier.

The Spirit had just won 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 owner at the time.

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

The sale of Los Angeles-based Angel City continued the trend