Floyd Mayweather’s New Venture – Owning An NBA Franchise
At the moment, many are buzzing about the potential of a fight with MMA fighter Conor McGregor, but Celebrity Net Worth reports that Mayweather is thinking about another major move outside of the ring—trying to own an NBA franchise.
His intentions became known to the public after Mayweather met with former NBA great Magic Johnson, who has now become successful as a businessman. One of his latest accomplishments was being named the president of basketball operations for the Los Angeles Lakers, and clearly, the meeting had an impression on Mayweather, who took to Instagram afterward.
“Just had a great meeting with @magicjohnson. It’s about time for me to buy an NBA team. if you’re ready to sell your NBA team, please get in touch with me. #TMT #Michigan #LivingLegends #Businessmen,” the boxer wrote. Granted, if he is serious, he will likely need to do more outreach to interested parties than via social media. While Mayweather has been seen at many Clippers and Lakers games, the fact that there are only 30 teams poses a serious barrier to entry.
In a bit of a humorous note, Mayweather has already made money off the NBA even if he doesn’t own any teams, saying that he made $400,000 by betting on Isaiah Thomas and the Boston Celtics. Thomas and Mayweather are friends, with Mayweather buying Thomas a new car for one of his past birthdays.
To be clear, while Mayweather’s $400 million net worth is impressive, this isn’t nearly enough to become controlling owner of a team. To give some perspective, Steve Ballmer bought the Los Angeles Clippers for $2 billion in 2014, and the Hawks were sold to an investment group for $850 million in 2015. Considering the potential for massive earnings that comes with the global presence of an NBA team, it makes sense that team ownership would be very careful about who they go into business with.
Mayweather certainly has made some connections during his time on top, so it’s not infeasible that he may be able to leverage that to get to the negotiating table. Indeed, being able to use his name and charisma may be a potential draw for would-be partners. However, if Mayweather is serious, he may find that the road to team ownership is longer and harder than expected.