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Magic Johnson denies wanting to buy Clippers from Donald Sterling

Apr 29, 2014, 12:42 AM EDT

Remember that report Magic Johnson wanted to buy the Clippers?

Not accurate, he says.

Is “they already have an owner” supposed to explain “I am not trying to buy the Clippers”? If they didn’t already have an owner, whom would Johnson buy them from?

When Johnson bought the Dodgers, he bought them from Frank McCourt. McCourt was their owner until Johnson bought them. That’s how this works. It isn’t complicated.

And what if the Clippers no longer had an active owner? By Tuesday afternoon, Donald Sterling might be suspended indefinitely. Would Johnson want to buy the Clippers then?

Perhaps, Johnson realized he looked too opportunistic and is doing a bit of damage control. In light of Adrian Wojnarowski’s detailed report, it’ll take more than Johnson’s public denial for me to believe he’s not interested in buying the Clippers.

  1. 00maltliquor - Apr 29, 2014 at 1:02 AM

    Is Magic’s paper really that long to where he could buy another pro sports team? I mean, of course I know he’s rich, but how rich?

    • biggestredmiami - Apr 29, 2014 at 1:15 AM

      He is part of Guggenheim Partners, a global financial services company that does investment banking, management, and advisory. It also has more than $210 billion of assets under management, so that’s where Magic is getting the majority of the money from. He’s “the face” of the group, but definitely not the head guy, and definitely not spending a lot of his own money.

      • redbaronx - Apr 29, 2014 at 11:02 AM

        @biggestredmiami – Magic has his own money from investments he’s made in his own group Magic Johnson Enterprises. He owns various franchises including Burger King and Taco Bell, and he had investments in Starbucks and others which he sold and made a lot of money off of them. If you look him up you’ll see that he buys and sells a lot of real estate and investment interests for a profit. None of that has anything to do with Guggenheim Partners.

    • abchome - Apr 29, 2014 at 1:19 AM

      He doesn’t have to be very rich. He can be just the face of a very very rich group.

      • 00maltliquor - Apr 29, 2014 at 1:21 AM

        Well shtt let me be a face then! lol

    • antistratfordian - Apr 29, 2014 at 1:46 AM

      Magic is worth more than 9 other owners.

      • bougin89 - Apr 29, 2014 at 10:09 AM

        You’re right. He would need a little help to buy the Clippers but Magic isn’t short on very wealthy friends…

    • redbaronx - Apr 29, 2014 at 11:09 AM

      @00maltliquor – The answer flatly is “yes”. Notwithstanding biggestredmiami’s response to you, Magic has a lot of personal investments in franchises and commercial real estate that he flips. Magic Johnson Entertainment owned AMC’s, Taco Bell’s and Starbucks in groups which he sold, and still currently has interest in Burger King franchises. Then he also develops and sells a lot of real estate for profit. He also has a stake in the Dodgers.

      He’s just very savvy. He bought a stake in the Lakers back in 94 and turned that around into $60 million when he sold that stake for example. He’s got a lot of deals like that.

      His net worth is listed at $500 Mil on celebritynetworth.com, but I wouldn’t be surprised if his actual wealth is a lot greater than that.

      • bougin89 - Apr 29, 2014 at 11:36 AM

        Magic Johnson Enterprises has an estimated value north of $1 billion.

      • redbaronx - Apr 29, 2014 at 11:41 AM

        @bougin89 – Yes. But don’t confuse that with Magic Johnson’s actual personal net worth.

      • bougin89 - Apr 29, 2014 at 11:47 AM

        I’m not but when you have a company worth that much it increases the amount he could raise(borrow) to purchase a franchise.

      • redbaronx - Apr 29, 2014 at 11:52 AM

        @bougin89 – Point taken. But the thread started with whether Magic Johnson had that much paper individually. There are a lot of people in the thread and on this post that have been saying Magic’s wealth is through joint wealth. My point was that Magic has more than enough scratch in his own right.

      • bougin89 - Apr 29, 2014 at 11:54 AM

        I agree. I was trying to add to your point. Even among the wealthy, Magic is considered wealthy.

      • redbaronx - Apr 29, 2014 at 11:58 AM

        @bougin89 – Yup. People commenting here on Magic being the “face” and that’s the reason he has wealth know zippo. Magic has been turning deals ever since he retired and turned 10-20 mil into what he has today. People should respect Magic as a businessman and see him for what he is, which is a very smart guy who does good deals. There are plenty of NBA, NFL, and MLB players that had money and aren’t half as successful as Magic.

  2. dannymac17 - Apr 29, 2014 at 1:10 AM

    i WANT him to buy them. The Clippers have been winning despite Sterling. Can you imagine them winning for Magic?

    Wow.

  3. rdrfan - Apr 29, 2014 at 1:15 AM

    He would put a group together. Magic has money but it’s his name and the fans that actually believe he’s the owner. He a pawn for the super wealthy.

    • paleihe - Apr 29, 2014 at 2:00 AM

      By the standards of the vast majority of the world (even millionaires), Magic IS super wealthy. An estimated net worth of 500 million is nothing to sneeze at.

      For comparison, Jerry Buss was worth an estimated 600 million.

  4. gbart22 - Apr 29, 2014 at 1:41 AM

    It’s silly when people refer to him as buying the dodgers. He bought a minuscule percentage of the team and he surely can’t afford the clippers either. He’s wealthy but not billionaire wealthy and perhaps the Guggenheim group does want to buy the clippers but even if sterling is banished they can’t make him sell the team they can encourage but if the family wants to keep it they have that right even if they remove donald sterling as the face.

  5. mackcarrington - Apr 29, 2014 at 2:16 AM

    if you guys would read the Yahoo sports link you wouldn’t be on here making yourselves look ignorant.

  6. campcouch - Apr 29, 2014 at 3:01 AM

    Or,Donald Sterling cedes control/ownership to his kids and/or wife,thereby keeping it in the family and he moves on to vacationing and slumlording with his $2 billion.

  7. onbucky96 - Apr 29, 2014 at 3:34 AM

    Sorry Erv, can’t have it both ways. Erv went on TV saying Sterling should sell the team. Now Erv says he isn’t interested as the Clips already have an owner? I call SHENANAGINS!

    • campcouch - Apr 29, 2014 at 4:32 AM

      besides,if Sterling is such a villainous racist,why would he sell the team to a black guy. that’d look like him trying to save face instead of being sincere.

  8. sportfan2 - Apr 29, 2014 at 6:49 AM

    His big smile has taken him a long way.

  9. ufools - Apr 29, 2014 at 8:30 AM

    I’ve smelled a rat from the beginning here. Yes, Sterling is a horrible person and wrong. But….

    Magic knows this girl well enough to have Instagram photos together. Listening to the full call, this boy/girl completely baited Sterling into the entire conversation. Now a big solution is that Magic and Guggenheim want to buy them (we know they have wanted the Lakers for years)?

    Sterling is a racist fool….but if I were Sterling….I wouldn’t sell to them. Just in case they colluded to set him up.

    • 00maltliquor - Apr 29, 2014 at 12:01 PM

      Listening to the full call, this boy/girl ….

      What you mean by that? Elaborate if you don’t mind…I think we are thinking the same thing that hasn’t yet been brought up on these boards…

  10. ufools - Apr 29, 2014 at 4:48 PM

    Maybe it’s just unflattering pics being circulated….but the gf looks like a dude.

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