How does Magic Johonson have a networth of 500 million. wants to own 2 LA franchises

[kennethgriffin]

where did all that money come from?

even with investors helping. i dont know how he can afford it

in his entire NBA career he only made maybe 25 million

1985-86 Los Angeles Lakers NBA $2,500,000
1987-88 Los Angeles Lakers NBA $2,500,000
1988-89 Los Angeles Lakers NBA $3,142,860
1990-91 Los Angeles Lakers NBA $2,400,000
1991-92 Los Angeles Lakers NBA $2,500,000
1992-93 Los Angeles Lakers NBA $2,500,000
1993-94 Los Angeles Lakers NBA $2,500,000
Career (may be incomplete) $18,042,860

missing 80-84 and 95 so probly added another 6 mill



i never see him in commercials.. not since this

http://www.youtube.com/watch?v=wYo-cszbFc8


so him working for espn the last 5 years and owning 4.5% of the lakers has made him 475 million dollars?

thats the only explination. where'd his money come from?

at most the inflation of his salary from the 80's might have been bumped up to 80 million

and in the time since then he should have spent every dime


are we to believe this man is a half billion dollar investment profiteer ?

[TheReal Kendall]

Trap money? :confusedshrug:

[KirbyPls]

At one point he owned a very successful chain of movie theaters and made a killing with it.

[RR#9]

Johnson runs Magic Johnson Enterprises, a company that has a net worth of $700 million;[7] its subsidiaries include Magic Johnson Productions, a promotional company; Magic Johnson Theaters, a nationwide chain of movie theaters; and Magic Johnson Entertainment, a movie studio.[130] In addition to these business ventures, Johnson has also created the Magic Card, a pre-paid MasterCard aimed at helping low-income people save money and participate in electronic commerce.[131] In 2006 Johnson created a contract food service with Sodexo USA called Sodexo-Magic.[132][133]

+ some other business ventures

[moe94]

You're asking the tough questions, kenneth. You're through the looking glass.

[Akrazotile]

When he got AIDS he bet a bunch of people at 1000:1 odds hed be cured, and now hes collectin.

[BigBoss]

Magic Johnson Enterprises

[Artillery]

Donations from gay rights interest groups

[russwest0]

does he have a foundation for finding an aids cure?

if so, then probably that.

[SilkkTheShocker]

does he have a foundation for finding an aids cure?

if so, then probably that.

Their is no cure to AIDS. The government isn't in a rush to cure it no matter what anyone believes.

[russwest0]

Their is no cure to AIDS. The government isn't in a rush to cure it no matter what anyone believes.

won't stop sheep from donating an assload of money to help the "cause"

[Smook A.]

:facepalm

He has business friends who work with him. If he buys the LA Clippers it won't only be from his money but also his friends. They would all budge in to buy the team.

http://www.turbodaddy.net/badschotz/wp-content/uploads/2012/11/magic-johnson-group.jpg

[SilkkTheShocker]

won't stop sheep from donating an assload of money to help the "cause"

I agree with you here. AIDS donations are an absolute joke. What is the rush to cure an extremely preventable disease if you have even an ounce of responsibility. Lets cure HIV/AIDS so prostitution, drug use (needles), etc can all skyrocket :applause:

[TheReal Kendall]

Their is no cure to AIDS. The government isn't in a rush to cure it no matter what anyone believes.

So how do you explain Magic being so healthy?

[kamil]

Their is no cure to AIDS. The government isn't in a rush to cure it no matter what anyone believes.

I didn't know politicians spent their time in research facilities wearing lab coats.

[kamil]

won't stop sheep from donating an assload of money to help the "cause"

So you'd rather be a privileged piece of shit and gladly accept others suffer and ultimately die after never having any kind of quality life?

You're scum. For someone who most likely has no physically detriment you certainly deserve to have it. It's social parasites like yourself that give credence to the positional good theory (an object is only valued by the possessor because it

[Akrazotile]

I agree with you here. AIDS donations are an absolute joke. What is the rush to cure an extremely preventable disease if you have even an ounce of responsibility. Lets cure HIV/AIDS so prostitution, drug use (needles), etc can all skyrocket :applause:


Thats not true, there is a PRIVATE cure but with very few who have received it.

Thats what makes Magic such a brilliant businessman. When he first got the disease, he went around taking bets at really long odds that hed be the first person ever cured. Everyone said 'no way, that disease is incurable, sure ill take a piece of that action.' So magic documented all the wagers and dutifuly kept the tickets in a rolldex. Then he went out and invested all his basketball and lakers income into a team of researchers and specialists. A few years ago the dude was officially certified clean and thus went out and collected all the winnings from his debtors. Like a bowwz. :pimp:

[ForeverHeat]

[QUOTE=kamil]So you'd rather be a privileged piece of shit and gladly accept others suffer and ultimately die after never having any kind of quality life?

You're scum. For someone who most likely has no physically detriment you certainly deserve to have it. It's social parasites like yourself that give credence to the positional good theory (an object is only valued by the possessor because it

[ForeverHeat]

Thats not true, there is a PRIVATE cure but with very few who have received it.

Thats what makes Magic such a brilliant businessman. When he first got the disease, he went around taking bets at really long odds that hed be the first person ever cured. Everyone said 'no way, that disease is incurable, sure ill take a piece of that action.' So magic documented all the wagers and dutifuly kept the tickets in a rolldex. Then he went out and invested all his basketball and lakers income into a team of researchers and specialists. A few years ago the dude was officially certified clean and thus went out and collected all the winnings from his debtors. Like a bowwz. :pimp:

http://d24w6bsrhbeh9d.cloudfront.net/photo/azbv10m_460s.jpg

[inclinerator]

he owns business and venues

[kamil]

Thats not true, there is a PRIVATE cure but with very few who have received it.

Thats what makes Magic such a brilliant businessman. When he first got the disease, he went around taking bets at really long odds that hed be the first person ever cured. Everyone said 'no way, that disease is incurable, sure ill take a piece of that action.' So magic documented all the wagers and dutifuly kept the tickets in a rolldex. Then he went out and invested all his basketball and lakers income into a team of researchers and specialists. A few years ago the dude was officially certified clean and thus went out and collected all the winnings from his debtors. Like a bowwz. :pimp:

You don't understand how health care works. There is no such 'private cure' The FDA would never allow it and the people associated with it would be fined, have their medical license suspended/revoked and potentially put in jail. The only country in the world that doesn't have strict health regulations to carry out procedures that are experimental are India... which is also why there are a lot of scam artists and nobody is really willing to go there for treatment.

As with treatments coming out in USA, even Magic would want to see a 'public' cure. Why? Because whoever comes out with a treatment will have a 25 year patent on it and make an incredible amount of money by making it commercial. You don't think HIV/AIDS patients are willing to fork out serious cash to essentially have their LIFE back? The only issue with treatments that are available to the public is not because of some conspiracy theory, its because governing bodies like the FDA have basically choked the fvcking hell out of progress for any kind of new drug/treatment development. Do you know how long the typical timeframe is for a treatment to go from pre-clinical, phase I, II, II and then FDA approval for commercialization? It's anywhere between 8-17 years and typically closer to 17 years. On top of that, the costs to run trials is in the millions of dollars anyway.

If you have anyone to complain about, its not the tinfoil hat excuse, its the FDA and lobby groups that restrict progress.

[red1]

making intelligent investments? :confusedshrug: its not like he has been lacking time or connections

[SpecialQue]

Jesus Christ. It's like the anus of ISH started shitting when the Sterling news came out and just hasn't stopped. Never seen so much racism and homophobia on this site.

[kamil]

Jesus Christ. It's like the anus of ISH started shitting when the Sterling news came out and just hasn't stopped. Never seen so much racism and homophobia on this site.

Oh come on, the most popular words on this site are nikka and fggt. It's not like trash on ISH is something we've never seen before.

[SilkkTheShocker]

Jesus Christ. It's like the anus of ISH started shitting when the Sterling news came out and just hasn't stopped. Never seen so much racism and homophobia on this site.

Troll.

[red1]

Troll.
#TeamSterling? you're slipping bro

[kamil]

I agree with you here. AIDS donations are an absolute joke. What is the rush to cure an extremely preventable disease if you have even an ounce of responsibility. Lets cure HIV/AIDS so prostitution, drug use (needles), etc can all skyrocket :applause:

A cure for aids would create an industry where profits would be ridiculous. You not wanting to seek out a cure and make large profits only tells me you're ignorant and clearly not in the position of finance. Do you still live at home with your parents?

[OldSchoolBBall]

Doesn't he also own a shitload of Starbucks locations?

[DuMa]

if someone tried to explain it to you, i'm sure with your elite spelling skills, you wouldn't be able to understand anyway.

[selrahc]

Their is no cure to AIDS. The government isn't in a rush to cure it no matter what anyone believes.

Drug companies are the ones looking for a cure, and they put billions of dollars into research in finding cures for diseases such as HIV. If they were able to develop a drug that could cure HIV there is no way they wouldnt put it out on the market after how much they expended in research, especially considering the current patent laws for newly developed drugs. They would make billions of dollars world wide, it has nothing to do with US government :facepalm .


So how do you explain Magic being so healthy?

HIV/AIDS isn't a disease that kills people anymore, as long as you have insurance that will pay for your drugs. There are sufficient combinations of drug therapies out there for HIV/AIDS that can keep virus levels low enough to keep people living for long periods of time. A person like Magic has enough money to keep different combinations of drugs on board that keep the virus from spreading.


The only issue with treatments that are available to the public is not because of some conspiracy theory, its because governing bodies like the FDA have basically choked the fvcking hell out of progress for any kind of new drug/treatment development. Do you know how long the typical timeframe is for a treatment to go from pre-clinical, phase I, II, II and then FDA approval for commercialization?It's anywhere between 8-17 years and typically closer to 17 years. On top of that, the costs to run trials is in the millions of dollars anyway.


While most drugs take that long to get approved, new "groundbreaking" therapies go through an expedited drug approval process that gets them out onto the market sooner. If a cure was found for HIV/AIDS, it would definitely be approved much faster than that.

[Derka]

Aside from being independently wealthy due to business decisions after this playing career, he's also the face of the Guggenheim Partners which is an investment/venture capital firm that manages something like $200 billion in assets.

He and his homeboys have the money.

[Dresta]

Their is no cure to AIDS. The government isn't in a rush to cure it no matter what anyone believes.
:facepalm

What does the government have to do with it? It will be independent scientific researches who attempt to come up with a way to cure the HIV virus. They may be funded by the government, but their work will be largely autonomous.

You really don't understand how scientific research works do you?

Not to mention getting HIV used to be a death sentence, and now it isn't much different to having diabetes.

[monkeypox]

The guy has tons of business interests. He used to own one of the skyscrapers in downtown LA. He's all over the place.

[kamil]

While most drugs take that long to get approved, new "groundbreaking" therapies go through an expedited drug approval process that gets them out onto the market sooner. If a cure was found for HIV/AIDS, it would definitely be approved much faster than that.

This happens rarely though, the FDA is known to stifle progress. Expedited treatments only apply to those basically on their deathbed. Of course, people with HIV/AIDS could croak at any moment, I have little faith in the FDA. I absolutely despise everything about it. I dont even understand why people assume treatments/drugs have to go through the FDA, there are other more lenient nations that allow drug approvals. Japan recently changed stem cell research legislation to significantly cut down the time required for a treatment to go from pre-clinical to commercial, where it sort of shortens the safety trials significantly. This is AWESOME because if stem cell research really is more or less the fountain of youth, 3D printing body parts with stem cells could seriously prolong the longevity of many athletes;

Torn ACL? Print a new one. Damaged cartilage? Print some more, patch it up.

But people with cancers, ie; pancreatic (low survival rate) will be able to just go out and get a new pancreas. Cancer won't need chemo or pills. I can't wait to see what the future holds.. I just hope I live long enough to see it.

[ralph_i_el]

It's tremendously easy to make money and earn money at a higher rate when you have millions already. It's really crazy, but that's the #1 lesson I learned getting my Finance degree.

Plus he's not the outright owner of the dodgers. He's the just lead investor for the group that bought the team.

[kamil]

It's tremendously easy to make money and earn money at a higher rate when you have millions already. It's really crazy, but that's the #1 lesson I learned getting my Finance degree.

Bingo; you have to spend money to make money.

[Dresta]

Agreed about the FDA. If you find a new form of treatment you better hope it's with a drug that's already been through trials, otherwise you may well be dead before your labours bear any fruit.

[buddha]

Their is no cure to AIDS. The government isn't in a rush to cure it no matter what anyone believes.

give everyone a mandatory aids test then exhile the ones who test positive to Africa. problem solved.

[Pointguard]

Johnson runs Magic Johnson Enterprises, a company that has a net worth of $700 million;[7] its subsidiaries include Magic Johnson Productions, a promotional company; Magic Johnson Theaters, a nationwide chain of movie theaters; and Magic Johnson Entertainment, a movie studio.[130] In addition to these business ventures, Johnson has also created the Magic Card, a pre-paid MasterCard aimed at helping low-income people save money and participate in electronic commerce.[131] In 2006 Johnson created a contract food service with Sodexo USA called Sodexo-Magic.[132][133]

+ some other business ventures
This.
He also has a cable station and quite a few Starbucks. His Business investments were considered odd and likely to lose. But he surprised everybody with it. Definitely the best Basketball business man ever. Kind of odd that the OP, a Laker fan, had no clue of this.

[NoGunzJustSkillz]

Doesn't he also own a shitload of Starbucks locations?
yelp and pretty sure he purchased them before the 'starbucks boom'.

[gts]

Doesn't he also own a shitload of Starbucks locations?

Sold them to buy his piece of the Dodgers and you're right it was a shitload

And to the others... Magic never had AIDS he is HIV positive, there's a difference...

[DonDadda59]

As great as he was as a basketball player, and he is consensus top 5 all time, he may be an even better businessman. He's a guy who turned a dollar into $20. Athletes should study his example instead of 'investing' in jewelry and not being able to buy a cheeseburger a handful of years after their career is over :facepalm

[K Xerxes]

So how do you explain Magic being so healthy?

HIV doesn't kill you directly, it works by wiping out a type of cell critical for the immune system. What kills you are infections taking advantage of the diminished immune system (opportunistic). However, nowadays, drugs (HAART) can slow HIV down, but the actual virus will still be present. There is currently no way to get rid of it completely.

[Derka]

I'm feeling like his overall goal is owning one LA pro sports franchise in each sport with the overall goal of eventually bringing a NFL franchise back to LA. If anyone could convince AEG to sell off the Kings, Staples Center and the Galaxy and make it sound like a smart business move for them...it's Magic. He'd personally become a billionaire if he could pull that off.

[CarlosBoozer]

Never knew Magic was that good in business :applause:

[DMV2]

the crazy thing is, with all of his money, he still needs business partners and investors to buy a franchise.

just like he did with the LA Dodgers.

there's like 4 or 5 layers of richness.
endless rich, then mega rich and super rich, just simply rich.

[dude77]

magic has done quite well for himself .. jordan too .. making a killing with the jordan brand alone .. did jordan buy the bobcats by himself or with investors ?

[Dresta]

the crazy thing is, with all of his money, he still needs business partners and investors to buy a franchise.

just like he did with the LA Dodgers.

there's like 4 or 5 layers of richness.
endless rich, then mega rich and super rich, just simply rich.
Luckily we don't need idiotic categories such as these, because we already have a numerical means of measuring wealth, traditionally known as $.

Dumbazz.

[Dresta]

As great as he was as a basketball player, and he is consensus top 5 all time, he may be an even better businessman. He's a guy who turned a dollar into $20. Athletes should study his example instead of 'investing' in jewelry and not being able to buy a cheeseburger a handful of years after their career is over :facepalm
He's one of the top 5 businessmen of all time now?

GTFO

[deja vu]

He's one of the top 5 businessmen of all time now?

GTFO
He said top 5 basketball player all time, not businessman.

[Dresta]

He said top 5 basketball player all time, not businessman.
And then said 'he might be an even better businessman'

[deja vu]

And then said 'he might be an even better businessman'
What he means is that Magic is better as a businessman than as a basketball player. He didn't say that he's a top 5 businessman just because he's top 5 in basketball.

[bmd]

at most the inflation of his salary from the 80's might have been bumped up to 80 millionThat doesn't make any sense. Inflation means there is an increase in the money supply which means prices of goods will cost more.

It doesn't make your own money grow. Just the opposite. The money you have is now worth less.

Inflation is bad for people with money saved because they need to spend more money to buy things that used to cost less.

[bmd]

So how do you explain Magic being so healthy?Because he doesn't have AIDS... he has HIV.

[inclinerator]

wonder how many ***** he sucked to get all inside trading infos

[midatlantic09]

OP is a bonafide idiot if he can't figure out how someone who made $25+ million playing in the NBA is able to turn it into $500+ million (over the course of 20-25 years ).

[DonDadda59]

He's one of the top 5 businessmen of all time now?

GTFO

I'm embarrassed for you and I don't even know you :facepalm

[ILLsmak]

:facepalm

What does the government have to do with it? It will be independent scientific researches who attempt to come up with a way to cure the HIV virus. They may be funded by the government, but their work will be largely autonomous.

You really don't understand how scientific research works do you?

Not to mention getting HIV used to be a death sentence, and now it isn't much different to having diabetes.

I feel like I'm quoting too many of your posts lately, but I just wanna say, they suppress scientific and medical research all of the time when it doesn't seem in the best interest for da big bux.

Ideally, yeah, scientific research would be like that... but they gotta get money, they gotta publish (or not publish) their findings. The idea that if something was so great it would transcend everything... that a discovery could be made and they could find someone to give the money... sounds more like something out of a movie.

Not that it couldn't happen, but I've got multiple sources that says it ain't that way.

-Smak

[Budadiiii]

I'm embarrassed for you and I don't even know you :facepalm
You have to know someone to be embarrassed for them now?

GTFO

[JUDGE WITNESS]

http://www.google.com/patents/US5676977

take it for what you will

[ABG]

Because he doesn't have AIDS... he has HIV.
i can't believe it took this long for someone to point this out.

[Budadiiii]

i can't believe it took this long for someone to point this out.
Because everyone already knows that.

If dude had AIDS he'd be dead by now. You can't live this long with AIDS.

It's just funner to say he has AIDS instead of saying he's HIV positive or whatever.

[gts]

i can't believe it took this long for someone to point this out.
It was pointed out a few times early in the thread but the same idiots who even bring it up as if it has bearing on anything aren't concerned with getting facts straight anyways

[Black Mamba's B]

Their is no cure to AIDS. The government isn't in a rush to cure it no matter what anyone believes.
There is a cure for aids.
There is no money in the cure, but there's money to be made from the medicine....

[Hey Yo]

Never knew Magic was that good in business :applause:
I'm sure he owes it all to his financial advisers, because the dude is dumber than a box of rocks.

I mean the dude is in his 50's and still calls himself Magic.

[chris02jammers]

Because he manages his money really well that is why he got 500M... new players are broke because they don't do well with their finances...

Imagine if Magic has a career earnings of 300 to 400 Million like other players... he will have Billions