Magic Johnson continues to expand his business portfolio. His latest move being the acquisition of WNBA franchise, the Los Angeles Sparks.
Johnson, along with Los Angeles Dodgers chairman Mark Walter, partnered to buy struggling franchise, saving it from relocation or contraction, sources said according to ESPN.
The new Sparks ownership group also includes Dodgers president Stan Kasten and part owners Todd Boehly and Bobby Patton.
The WNBA franchise has been in trouble since Christmas when then-owner Paula Madison abruptly told the league and team employees that her company could no longer operate the team. She told the AP that her family has lost $12 million operating the Sparks since buying it from the Buss family in 2007. She said they lost $1.4 million last season alone.