Magic Johnson is the first African american owner of a baseball team with Dodgers purchase

Earvin “Magic” Johnson’s purchase of part ownership of the Los Angeles Dodgers is the latest ste...

Earvin “Magic” Johnson’s purchase of part ownership of the Los Angeles Dodgers is the latest step in one of the most successful post-game careers of any professional athlete.
The former Los Angeles Lakers guard has carved out a role as a liaison between big-money investors and the residents of urban neighborhoods who might become their customers in a variety of businesses including theaters, restaurants, stores and apartments.
“He is an extraordinary businessman who has done a great job of executing his strategies,” said Ken Lombard, former president of the Johnson Development Corp. and a key mentor to Johnson in his transition from basketball to business.
Also New Dodgers owner's ties to one of America's old money families New Dodgers owner's ties to one of America's old money families Smile, it's Magic! What could go wrong? Well . . . Smile, it's Magic! What could go wrong? Well . . . O'Malley: Magic won't let Dodgers fans down O'Malley: Magic won't let Dodgers fans down Magic Johnson is perfect fit for Dodgers Magic Johnson is perfect fit for Dodgers Dodgers: 'We want to have a winner now,' says new owner Stan Kasten Dodgers: 'We want to have a winner now,' says new owner Stan Kasten Dodgers sale: Can new owners restore the luster? Dodgers sale: Can new owners restore the luster? See more stories »
Johnson’s strategy has included immersing himself in the minutia of real estate development and other business issues while linking up with top players in various industries. It was his Dodgers partner Peter Guber, then chairman of Sony, who green-lighted the development of Magic Johnson Theaters at Baldwin Hills Crenshaw Plaza in the mid-1990s, said Lombard, who is himself an experienced real estate developer.
The shining success of the theaters in a South Los Angeles neighborhood overlooked by traditional investors led to a partnership with Howard Shultz, chairman of Starbucks, who arranged a special deal with Johnson to open Starbucks in urban neighborhoods. Johnson was Starbucks’ only franchise operator until the agreement expired in 2010.
“The theaters really put him on the map and Starbucks brought tremendous credibility to our overall assets,” said Lombard, who left Johnson Development to work for Starbucks. Lombard is now an executive at Capri Capital Partners, a real estate development firm.
Johnson also teamed up with Canyon Capital Realty Advisors, a Century City investment fund that manages about $18 billion for investors such as pension funds and university endowments. Together they have done a series of joint ventures investing hundreds of millions of dollars in densely populated, ethnically diverse communities around the United States.
When developments such as mixed retail and apartment complexes are proposed to public officials and neighborhood residents, Johnson helps smooth the way.
Johnson, who likes to be addressed as Earvin in the business world, “has got worldwide recognition and popularity,” Lombard said. “You have an individual who is very sincere, very authentic, who people in the city of Los Angeles trust.”


Powered by Spate Media, Spate Radio, Spate TV, Spate Post, Music Marketing, Spate Digital, Hi Def Is Austin, Spate Financial Group
Spate the Hottest Hip Hop Magazine for music, mp3 downloads, mixtapes, news, music video models, sports, editorials

Post a Comment

Subscribe

Enter your email address:

Delivered by FeedBurner

Facebook

Google+ Followers

HOT THIS WEEK

HOT THIS MONTH

Advertise

Advertise

Advertise

Flight Club

Cover Girl: Kanary Diamonds

 photo kanary-cover-300_zpsf996dd12.jpg

GET FEATURED

 photo reverb-banner_zpsf038e467.jpg

Press Releases

Advertise

Big Bus Tours New York - Save 20% on Tickets!

Optimum

Soul Doctor

 photo soul_dr_banner_160x600_shlomo_nina_02b_zps2b318d4b.jpg
item