You sir must be the god of bank accounts. "He shall rise soon and he will have unbelievable gift to know the balance of all bank accounts everywhere at all times"..smh
Right, he'd serve as figurehead for the Guggenheims (as stated in the article). One of the political ruling families buying him out, as I thought something of this sort would happen in the other thread. It'd humiliate Donald Sterling appropriately as required by political correctness: A black man buying him out. The very man Sterling would restrict from the arena. Very inexpensive propaganda.
The hilarity aside, how does it make sense to have magic and his Lakers-boner serve as the figure head for the clippers ownership? Conspiracy theories will become rampant
I don't believe that Magic is actually a savvy businessman. I think he's just a front in that area as well. Do you genuinely believe that some ex-NBA just happens to build up a nation-wide chain of movie theaters? C'mon.
He initially invested with other peoples money. That's business 101. No risk high reward. He's been using his own money as of late. He doesn't have the paper to buy the Clippers though. Maybe enough to buy a small fraction like Jay Z.
What happens is that wealthy investors utilize guys like Magic Johnson, Nolan Ryan, etc., as p.r. It's a win-win situation. But it's the wealthy investor who's calling the shots, not the sports star.
Read the article. It's the same investor group that bought the Dodgers. Magic Johnson just happens to their PR face.
The only exception is Jordan who actually owns the majority of shares for the Bobcats. For Magic, that's probably not going to happen but he could own a huge chunk of the team. The Clippers, according to Forbes, is worth 575 million dollars but the actual sale price will probably be quite a lot higher. Magic's 2014 net worth (Forbes) is around 500 million dollars. So depending on how much he is willing to put into the team and how much the team sells for, it's possible for him to be a majority owner... possible but very unlikely. Most likely he will be a minority owner but be the PR-face of ownership.
My guess is Magic will receive the usual 1% or 2% ownership stake that such persons usually do. For free, as a sort of commission. Magic himself probably pays nothing out of pocket. I doubt he'd be allowed to buy more than a few percent by the majority investor(s), even if he wanted to. The actual owner or controlling family will have at least 51% stake. Personally, I'd bet it'd be almost wholly owned by some branch of the Guggenheim family, rather than as some sort of arrangement with multiple major, non-kin investors.
Not only would this be a huge conflict of interest, it would be the ultimate slap in the face to any LAC fan.. The lakers would truly own the clippers in every sense of the word.
The Clippers need to go to Seattle and become the Sonics. I hope that happens because I miss the Sonics they were my second favorite team.
