Magic Johnson separated himself from the superstars of his day with his business acumen and sense of the inner workings of NBA teams. His continued investments resulted in him amassing over $600 million net worth despite not playing professional basketball in the 1996 NBA. It is now clear how the Magic managed to do so.
Over the 15 years between 1995 and 2010, Magic Johnson let his stake in the Los Angeles Lakers grow from a “paltry” $10 million (4.5% of the Lakers in 95) to nearly $50 million in 2010. He then moved to selling this share. This will serve as a major stepping stone in Johnson’s rise to the front office in purple and gold.
Fast forward to February 2017 and Johnson was named head of basketball operations for the Lakers. His biggest move as president will be to appoint LeBron James to Los Angeles in the summer of 2018.
However, as a team official, Magic had to take lightness when engaging in talks with players who are still under contract, like James.
Read also: Michael Jordan, Who Lost $1.2 Million In Golf, Didn’t Let Magic Johnson Sleep Until He Beat Him At Poker
Magic Johnson waited in his car for an hour to talk to LeBron James.
If there was one person in the Lakers organization who could pull a player like LeBron James away from his home country, it would be Magic Johnson. This was the case in the 2018 season when he was tasked with doing the same.
It’s clearly been a hit as James is now in at 5The tenth A year with the team, which is longer than his second stint with the Cleveland Cavaliers. However, during that summer, Johnson had to be very careful when conducting conversations with LeBron and his team for fear of being fined for tampering.
So, to avoid that, Magic admitted having to wait in James’ driveway for an hour before the free agency starts at 9:01 p.m. While this may sound like a stretch, the fines for tampering should not be trifled with.
Magic Johnson said Tweet embed He arrived an hour early for his 9:01 p.m. meeting with LeBron on June 30 in Los Angeles.
“I was going to sit outside for an hour until it was time to go to his house,” Johnson said.
– Mike Bresnahan (@Mike_Bresnahan) 10 July 2018
Lakers then Vice President Rob Pelinka was fined $500,000 after a conversation with Paul George and his team in 2017 while he was still under contract with the Indiana Pacers. Daryl Morey was fined $75,000 for simply tweeting “Join Them” by Steve Curry several years ago.
The maximum fine that can be imposed on a team official is $10,000,000, and it is clear that Magic Johnson did not want to get any part of such an outrageous amount.
Read also: Jerry West, who publicly criticized Jenny Boss, called Magic Johnson $620 million for being too critical.