One of the best basketball players of all time if hoping to own a piece of one of the NFL’s flagship franchises.
Magic Johnson has joined one of the groups bidding for the Denver Broncos, according to Sportico.com. He has partnered with 76ers co-owner Josh Harris.
The NFL has made a recent push to increase minority representation in ownership groups, issuing a league-wide statement in late March: “The NFL member clubs support the important goal of increasing diversity among ownership. Accordingly, when evaluating a prospective ownership group of a member club pursuant to League policies, the membership will regard it as a positive and meaningful factor if the group includes diverse individuals who would have a significant equity stake in and involvement with the club, including serving as the controlling owner of the club.”
Via Sportico.com, it’s expected that every group pursuing the Broncos will have minority representation.
Ultimately, however, it comes down to money. As in which group offers the most of it. No NFL owner will want to take less than the best price available for a franchise. As to the Broncos, the trustees operating the team have a fiduciary duty to maximize the revenue generated by the sale.