NBA legend Magic Johnson joins ownership group of NWSL's Washington Spirit

Washington Spirit owner Michele Kang welcomed a new member to the ownership table on Thursday in NBA Hall of Famer Irving "Magic" Johnson as the two announced the move on CBS Mornings. Kang became the majority owner of the NWSL franchise in 2022 when she purchased the club for a then-league-record $35 million, and now she welcomes a Sports figure who is not new when it comes to ownership. 

He's a part owner of the WNBA's Los Angeles Sparks and MLS' Los Angeles FC, and he's a founding member of the Guggenheim Baseball Management, the managing entity of the MLB's Los Angeles Dodgers. He also has an ownership stake in the NFL's Washington CoMMAnders.

Valuations for existing clubs and expansion fees have skyrocketed over the last two years, and larger ownership groups featuring celebrities or former and current athletes are not uncommon.

The latest move by Kang in women's soccer comes just six weeks after the official launch of Kynisca Sports International Ltd, the first multi-team global organization dedicated to women's soccer. Before the official launch, Kang had formed the beginning of a multi-sports franchise ownership conglomerate, where she held majority ownership stakes in women's soccer clubs Washington Spirit, Olympique Lyonnais, and London City Lionesses.