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MX News Update 2024

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Magic Johnson’s $1.15 billion fortune leaves Lionel Messi-backed Inter Miami financially in the lurch

Like Michael Jordan and many other legends, Magic Johnson chose to stay connected to the sports industry even after his retirement in 1996. However, Johnson’s approach is very different from others. Instead of being personally involved in sports, he played with his business mentality and became part owner of a series of sports franchises in and outside Los Angeles. Meanwhile, he also had interests in a popular football club from Los Angeles. Since then, Magic Johnson has been making quite a lot of money from his assets, mainly from LAFC. As of February 2024, Johnson-owned LAFC was generating $128 million in revenue for 2023. Notably, this is an immediate 20% increase in revenue generation compared to the previous year.

However, this is not the only achievement that characterizes Los Angeles FC. Recently, Sportico evaluated the revenue generation and valuation by football clubs and posted the “50 Most Valuable Football Clubs in the World 2024 Ranking” on its official website. Although the list was topped by Manchester United, there was another standout in the list. Interestingly, Los Angeles FC ranks 15th with $128 million in revenue and a 2024 valuation of $1.15 billion. Sounds fascinating, right?

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But there is more to it. Los Angeles FC not only generated a significant amount of money, but also surpassed Inter Miami FC by $1 million. While Los Angeles’ revenue is $128 million, Inter Miami earned $127 million last year. But this is something Inter Miami has achieved after welcoming a superstar employee to their football club. But why is Inter Miami FC so important?

Inter Miami vs Los Angeles FC

Although Inter Miami is like other FCs, it came into the spotlight by hiring a superstar employee. Last season, Inter Miami hired Lionel Messi by signing a $20.5 million per year contract. After signing the lucrative deal, Messi became the highest-paid MLS player, earning $5 million more than the former player.

But that’s one side of the deal. On the other hand, Inter Miami’s revenue generation also increased as it signed contracts with sponsors and partners. As expected, the club generated more than $200 million in revenue, nearly quadrupling its 2022 revenue generation from $50 to $60 million.

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But despite such revenue-boosting strategies, Inter Miami could not compete with other sports franchises, including Magic Johnson’s Los Angeles Football Club. The question now is: Will Inter Miami, with the help of Messi, be able to overcome the stiff competition from Johnson’s Los Angeles FC? Or will the situation remain unchanged? Stay tuned to find out!