Magic $ing out. Up to 470 mil! More valuable than Jordan

Mamba Venom · Post #1 » by **Mamba Venom** » Wed Oct 20, 2010 9:09 am

BREAKING NEWS!!! Please don't merge, please discuss why Magic was able to take 20 mil and make 480 mil and why Walker pissed away 150 mil into nothing.

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Magic is seriously cashing out of his investments.

He sold his 5% share of the Lakers for 35 mil
Then he sold his Starbucks shares for 100 mil
On the radio they are reporting he is selling 2 of his summer homes, one of his private jets, his Magic Johnson theaters and TGIFs. He reportedly will receive an additional 325 mil for these commodities.

Thats 470 mil in 3 or so days!!!!!!!!!!!!!!!!!!!

Seriously Magic is the most amazing former NBA player. The financial GOAT. Somehow (some kind of Magic) Magic took his 1 to 2 mil annual salary and turned it into over 480 mil. And they said Magic has another 35 mil in other investments and saving that he is keeping for a rainy day!

Think about how many guys squander 100 mil into nothing. Walker earned 150 then went bankrupt just a year or so after retiring.

Magic never had the 30 mil contracts Jordan had. He never sold as many Nikes or BigMacs. He literally made 95% of his money in business. In Magic's entire career he literally made half of what Luke Walton got on his last contract.

Other NBA players should be HUNTING Magic down and begging for financial advice.

Magic isnt going to need an investment group to buy the Pistons. He's just going to buy the Pistons and probably the arena too. Great news for the NBA!!! How amazing is this guy.

Dr Aki · Post #2 » by **Dr Aki** » Wed Oct 20, 2010 9:20 am

lol NBA players need to be hunting down financial advisors, not magic

Mamba Venom · Post #3 » by **Mamba Venom** » Wed Oct 20, 2010 9:21 am

Just researching this a little more.

Magic has 14 times as much $ as Larry Bird who also made some great investments.

Dennis Rodman made almost twice what Magic did over the course of his career and he has a net worth of less than 500k. Magic's is 505mil.

Jordan's net worth WAS 490 mil before his $150 mil divorce (the most expensive divorce in American history, take that Mel Gibson).
http://www.foxnews.com/story/0,2933,266343,00.html
Now Jordan's net worth is 340 mil but the cats will go up in value after some success.

Antoine Walker made $110 mil in his 12 year career and has in the hole for millions.

Post #4 » by **blkout** » Wed Oct 20, 2010 9:23 am

@ how excited this dude is. You his son or something?

Mamba Venom · Post #5 » by **Mamba Venom** » Wed Oct 20, 2010 9:26 am

David Stern has paid himself 234 mil over 26 years as the NBA commissioner. Its more fun than being a lawyer. Today he only is worth 50 mil. He has spent some serious $ living high on the hog.

menofvalor · Post #6 » by **menofvalor** » Wed Oct 20, 2010 9:30 am

Wow Magic is making some serious mula, but chill out he's not going to give you any.

Mamba Venom · Post #7 » by **Mamba Venom** » Wed Oct 20, 2010 9:34 am

I'm so excited that my fav player is going to be back in the NBA as a real owner (whats 5%).

Everything this guy touches turns to gold. I can't wait to see what offense the greatest PG of all time picks for the Pistons. I can't wait to see what a great business mind does for the city of Detroit, that has perhaps the worst economy in our country. I bet the first thing he is going to do is try to steal away Larry from Indiana. They are saying that Magic wants to make Larry a part owner!!!

A little about me. My major was finance so I'm into business stuff. I'm in my 20s and my business knowledge helped me make enough $ to sit next to Dustin Hoffman at game 7 of the Finals so I get excited. RealGM is my vice. I love talkin hoops when I should be more focused on making more $. I played NCAA ball as a point so PG and biz combined is my thing.

Wavy Q · Post #8 » by **Wavy Q** » Wed Oct 20, 2010 9:47 am

menofvalor wrote:Wow Magic is making some serious mula, but chill out he's not going to give you any.

Child please, Magic broke me off a cool mil for my bills, i bought a Ferrari instead 8-)

lawrybeard · Post #9 » by **lawrybeard** » Wed Oct 20, 2010 9:55 am

Magic obviously has some good connections. I wouldn't be crowning him a financial wizard too soon.

menofvalor · Post #10 » by **menofvalor** » Wed Oct 20, 2010 9:59 am

Jay From LA wrote:
menofvalor wrote:Wow Magic is making some serious mula, but chill out he's not going to give you any.

Child please, Magic broke me off a cool mil for my bills, i bought a Ferrari instead

Oo sh*t

D-31 · Post #11 » by **D-31** » Wed Oct 20, 2010 10:06 am

lawrybeard wrote:Magic obviously has some good connections. I wouldn't be crowning him a financial wizard too soon.

Exactly. Magic's entire business has pretty much been establishing franchises in poor black areas.

Wizardspride · Post #12 » by **Wizardspride** » Wed Oct 20, 2010 10:30 am

D-31 wrote:
lawrybeard wrote:Magic obviously has some good connections. I wouldn't be crowning him a financial wizard too soon.

Exactly. Magic's entire business has pretty much been establishing franchises in poor black areas.

I don't understand your point.

menofvalor · Post #13 » by **menofvalor** » Wed Oct 20, 2010 10:36 am

D-31 wrote:
lawrybeard wrote:Magic obviously has some good connections. I wouldn't be crowning him a financial wizard too soon.

Exactly. Magic's entire business has pretty much been establishing franchises in poor black areas.

Even though thats false, what does that have to do with anything.

Post #14 » by **NO-KG-AI** » Wed Oct 20, 2010 11:06 am

You played NCAA ball huh? So who are you? a Site full of draftniks can surely remember you.

mattg · Post #15 » by **mattg** » Wed Oct 20, 2010 12:38 pm

NO-KG-AI wrote:You played NCAA ball huh? So who are you? a Site full of draftniks can surely remember you.

technically he could have played NCAA division 3 hoops and not been lying..

Bunzilla · Post #16 » by **Bunzilla** » Wed Oct 20, 2010 12:38 pm

NO-KG-AI wrote:You played NCAA ball huh? So who are you? a Site full of draftniks can surely remember you.

OT: Your sig killed a little bit of my soul.

Martin · Post #17 » by **Martin** » Wed Oct 20, 2010 12:49 pm

Is he in some serious debt or why the hell is he selling everything?

D-31 · Post #18 » by **D-31** » Wed Oct 20, 2010 12:58 pm

Wizardspride wrote:
D-31 wrote:
lawrybeard wrote:Magic obviously has some good connections. I wouldn't be crowning him a financial wizard too soon.

Exactly. Magic's entire business has pretty much been establishing franchises in poor black areas.

I don't understand your point.

Magic used his celebrity to establish a businesses for companies that didn't have an "urban" connection. Something 'toine can't really do even if he wanted to.

menofvalor wrote:Even though thats false, what does that have to do with anything.

False?

"Magic Johnson Enterprises serves as a catalyst for community and economic empowerment by making available high-quality entertainment, products and services that answer the demands of ethnically diverse, urban communities."

Starbucks exclusively teams up with Magic to bring Starbucks to the inner city:
http://findarticles.com/p/articles/mi_m ... _54810894/

TGI Fridays teams up in a joint venture to bring TGI Fridays to the inner city:
http://www.allbusiness.com/company-acti ... 718-1.html

hourockman · Post #19 » by **hourockman** » Wed Oct 20, 2010 1:03 pm

Magic is tired of his successful franchises. Now he feels like taking on a crap one in Auburn Hills to see how it feels on the other side of the fence.

Post #20 » by **INKtastic** » Wed Oct 20, 2010 1:09 pm

Martin wrote:Is he in some serious debt or why the hell is he selling everything?

he's buying the pistons