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Source: handout / Nelson Mandela Children’s Fund
NBA legend Magic Johnson and his wife, Cookie Johnson, will be honored at a gala held by a charitable organization named for Nelson Mandela.
The NBA Hall-of-Famer and business mogul Earvin “Magic” Johnson has been feted for his charitable work and is set to receive another honor along with his wife, philanthropist Cookie Johnson, at an event to celebrate the life of the late South African president and freedom fighter Nelson Mandela. The couple will be honored for their charitable efforts at the Nelson Mandela Children’s Fund Gala to be held in Cannes, France, by the Nelson Mandela’s Children’s Fund. The event will take place May 24 during the Festival de Cannes and is held in collaboration with Trigo Networks.
The Johnsons were chosen as “icons who have embodied global humanitarianism through mission and deed,” according to the press statement released by Trigo Networks. The event will feature performances from musician and actor Benjamin Clementine who recently appeared in the Denis Villeneuve adaptation of Dune, along with the group Ghetto Kids from Uganda, with others to be announced at a later date. There will also be a presentation honoring the bond between Nelson Mandela and the late operatic star Luciano Pavarotti, with his wife Nicoletta Mantovani to be in attendance. The program will be directed by Manuel Alejandro Ruiz, also known as “Chosen Few.” All proceeds from the event will go towards the Fund.
The Nelson Mandela Children’s Fund was created in 1995 after the president decided to set aside a third of his salary towards its creation. As expressed by the Fund’s current CEO, Dr. Linda Nkube-Ncomo, “his vision was that it would serve as a catalyst for changing the way society treats its children and youth. He further believed that individuals including him would come and go, but the organization would continue to exist as long as there are good men and women looking after society’s voiceless children. The contributions of Magic and Cookie Johnson reflect the personal ethos of what led Nelson Mandela to start the Fund. This gala truly celebrates those who ‘Serve Like Mandela’.”
Magic Johnson continues to be a loyal member of the BeyHive. The former basketball superstar took to Instagram on Friday (March 29) to celebrate the release of Beyoncé’s newest album, Cowboy Carter. “Beyoncé – It’s only fitting that I recognize a living icon as the world tunes in to listen to your newest album, ‘Cowboy […]
Magic Johnson is loving his role as a co-owner of the Washington Commanders — especially since the NFL has gotten a healthy dose of Taylor Swift lately amid her budding relationship with Kansas City Chiefs tight end Travis Kelce. Explore Explore See latest videos, charts and news See latest videos, charts and news While appearing […]
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Source: Tasos Katopodis / Getty / Magic Johnson
The Billionaires Boys Club for Black notable athletes just got its fourth member, and it’s none other than Magic Johnson.
According to the financial bible, Forbes, Magic Johnson is now a billionaire. The NBA champion and Pro Basketball Hall-of-Famer reached the wealth milestone thanks to a combination of all of his lucrative investments in “professional sports teams, movie theaters, Starbucks cafes, and a health insurance provider,” according to the website.
Johnson becoming a billionaire makes him only the fourth professional athlete to do so, joining his buddy Michael Jordan, LeBron James, and Tiger Woods.
Forbes reports Johnson’s minority stake in the Washington Commanders after billionaire Josh Harris’ $6.05 billion purchase of the team in May, stakes in the WNBA’s Los Angeles Sparks, MLB’s Los Angeles Dodgers, and the MLS’ LAFC, plus other major investments pushed his net worth to $1.2 billion.
While Johnson’s investments in sports franchises, Starbucks, and Loews get all of the attention, Forbes points to his investment in Iowa-based life insurance company EquiTrust as the one that makes up the most significant portion of his net worth.
Per Forbes:
Forbes now estimates his net worth to be $1.2 billion—the result of his stakes in those teams, and major investments in a slate of industries, including a 60% stake in Iowa-based life insurance company EquiTrust he purchased in 2015.
EquiTrust makes up the largest portion of Johnson’s personal net worth—since the purchase, the Iowa-based company’s assets have skyrocketed from $16 billion to $26 billion, with annual revenues of roughly $2.6 billion.
Magic Johnson Could Have Been A “Trillionaire” Already
While Johnson has nothing to be upset about regarding his net worth, he could have already been a trillionaire if he had made one investment back in his playing days, and that’s taking Nike’s offer of stock options instead of the cash with Converse.
According to the numbers, Johnson missed out on $5.2 billion.
Still, being worth $1.2 billion is nothing to sneeze at. Congrats to the Magic man on the accomplishment.
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Photo: Tasos Katopodis / Getty
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Source: The Washington Post / Getty / Washington Commanders
Washington Commanders fans can finally celebrate. The Dan Snyder nightmare is over.
Spotted on The New York Times, the NFL has approved the $6 billion sale of the Washington Commanders to a group led by Josh Harrison, a private equity billionaire. That group also includes real estate mogul Mitchell Rales and Magic Johnson, who is already part of other ownership groups for the Los Angeles Dodgers, Los Angeles Sparks, and Los Angeles Football Club.
Harrison will pay the Commanders’ now former scandal-plagued owner Dan Snyder, $6.05 billion, which is now the richest sale of any American sports team, surpassing the $4.65 billion sale of the Denver Broncos, to a group led by the Walmart heir Rob Walton. The sale should be finalized by Friday.
The $6.05 billion sale is a significant come-up for Snyder, who bought the team for $800 million in 1999.
“Josh will be a great addition to the NFL., “Commissioner Roger Goodell said in a statement announcing the vote, adding, “I know he has a commitment to winning on the field, but also to running an organization that everyone will be proud of — and to making positive contributions in the community.”
“This franchise is part of who I am and who I am a person,” Harrison said, revealing he grew up rooting for the franchise. “A new era of Washington football is here.”
In an interview with The Today Show’s Craig Melvin, Johnson got emotional while speaking about being an African American in an NFL owner’s box, which is still sadly rare in a league featuring predominately Black players.
“I’m going to excel not only for myself and my family but for all African Americans, making sure we can see ourselves in these seats,” Johnson said while getting emotional.
Washington Commanders Fans Are Lighting Up The Dan Snyder Pack
As expected, the fans of the Washington Commanders were happy to see Snyder go. The once-prestigious organization has not sniffed a Super Bowl title since the 80s and 90s, and under Snyder’s tumultuous 24-year run as owner, saw the postseason six times and only won two playoff games.
With new ownership, fans hope to get a brand-new stadium and a return to glory.
You can see more reactions to the Washington Commanders finally being sold in the gallery below.
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Photo: The Washington Post / Getty
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