Magic Johnson disclosed at Invest Fest 2025 in Atlanta that his $10 million Las Vegas Aces ownership stake now generates superior percentage returns compared to his positions in the Los Angeles Dodgers, Los Angeles FC, and Washington Commanders. The comment, made during a fireside chat with venture allocators, marks the first time Johnson has quantified relative performance across his $1.2 billion sports portfolio.
Johnson entered the WNBA in 2014 when he and a group of Los Angeles executives purchased the Aces franchise—then the San Antonio Stars—for approximately $10 million. The league's most recent transaction saw the Golden State Valkyries franchise sell for $50 million in 2023, before completing a $25 million capital raise in January 2025. League sources estimate the Aces, coming off back-to-back championships and an ownership stake held by a marquee investor, now carry an enterprise value exceeding $75 million. Johnson owns roughly 10% of the franchise alongside majority owner Mark Davis, the Raiders owner who relocated the team to Las Vegas in 2018.
The yield gap reflects two dynamics. First, Johnson's Dodgers stake—purchased as part of the $2.15 billion Guggenheim Baseball Management acquisition in 2012—has appreciated steadily but carries a $215 million cost basis for his minority position. His 2022 Commanders investment, part of a $6.05 billion sale to Josh Harris, required $350 million for a comparable ownership percentage. Second, WNBA valuations have tripled since 2020 while the league's media rights package increased from $25 million annually to $200 million under the new agreement that begins in 2026. Aces gate revenue climbed 47% year-over-year in 2024, according to public filings, driven by A'ja Wilson merchandise sales and a 94% average arena capacity.
What matters for other allocators: Johnson's disclosure gives private equity firms and family offices a valuation benchmark for the eight remaining WNBA franchises that have not changed hands since 2020. Three teams—the New York Liberty, Phoenix Mercury, and Connecticut Sun—are controlled by ownership groups that acquired NFL franchises in the past five years and may look to recycle capital. The Liberty, valued at $65 million in a 2019 transaction led by Joe Tsai, likely exceeds $100 million today given Brooklyn's sustained sell-out streak and the team's 2024 championship.
Johnson's remarks also reset expectations for expansion economics. Commissioner Cathy Engelbert has targeted two new franchises by 2028, with Portland, Philadelphia, and Toronto among cities conducting feasibility studies. If the Valkyries' $50 million price tag represented the floor, Johnson's yield data suggests new entrants should model $75 million to $100 million initial outlays. That math changes the profile of viable buyers from vanity investors to operators with media infrastructure and arena control.
The NBA veteran's portfolio now includes the Dodgers (10%), LAFC (partial), Commanders (5%), Aces (10%), and a National Women's Soccer League expansion team launching in 2026. His NWSL entry, tied to a $53 million franchise fee for a yet-to-be-named Bay Area club, follows the same early-stage thesis that powered his Aces returns. The league's most recent sale—Washington Spirit for $35 million in 2022—now looks conservative; Y. Michele Kang, the Spirit owner, recently valued her club at $75 million during a refinancing process.
Watch for two follow-on moves. Johnson's remarks coincide with rumored interest from private equity groups in acquiring minority WNBA stakes under the league's new investment policy, which permits institutional capital up to 20% per team. Ares Management and Sixth Street Partners have both met with league officials in the past 90 days, according to people familiar with the conversations. Second, Johnson's public endorsement typically precedes capital deployment; he added to his Dodgers position in 2023 after praising the franchise's media strategy during an earnings call.
The league's next franchise sale will clarify whether Johnson's Aces yield reflects unique execution or systemic repricing. Until then, his $10 million entry point looks like the last sub-$20 million institutional opportunity in women's professional sports.
The takeaway
Johnson's **$10M** WNBA stake now yields better returns than his Dodgers and Commanders positions, resetting valuation floors for remaining franchises and expansion entries.
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