Magic Johnson Reportedly Joining 76ers' Josh Harris in Bid for Broncos Ownership

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Basketball Hall of Famer Magic Johnson is reportedly entering the race to purchase the Denver Broncos. 

Per Sportico, Johnson has joined a group led by Philadelphia 76ers co-owner Josh Harris to bid for the franchise. 

The Pat Bowlen Trust announced Feb. 1 that the Broncos were officially up for sale. Bowlen purchased the franchise in 1984 and remained the principal owner for 35 years before his death in 2019. 

CNBC's Jabari Young reported Monday that the vetting process is underway after the first bids were made. 

Young noted former Walmart chairman Rob Walton is viewed as a "strong contender" to buy the Broncos, who could be sold for a record $4 billion. 

The New York Mets hold the record for highest sale price by a United States sports franchise. Steve Cohen purchased the organization for $2.475 billion in 2020. 

Harris and David Blitzer co-founded Harris Blitzer Sports Entertainment in 2017. They are minority owners for the 76ers, New Jersey Devils and Crystal Palace. They purchased a small stake "of less than 5 percent" in the Pittsburgh Steelers in 2020, per Erik Schatzker of Bloomberg.

Johnson was part of a group of investors who purchased the Los Angeles Dodgers in 2012. He is also co-owner of the Los Angeles Sparks in the WNBA and Los Angeles Football Club in Major League Soccer. 

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Forbes estimated the Broncos to be worth $3.75 billion, the 10th-highest value for an NFL franchise. They have missed the playoffs in six straight seasons and finished last in the AFC West in each of the previous two years. 

The acquisition of Russell Wilson to play quarterback is expected to bring the Broncos back to prominence in the AFC this season. 

In the statement announcing the Broncos were up for sale, the Pat Bowlen Trust said it hopes to have a deal finalized before the 2022 NFL season.