Five-time NBA champion Earvin "Magic" Johnson is the newest investor in the Washington Spirit, the National Women's Soccer League team announced on Thursday.

"I'm excited to join the Washington Spirit's investor group at such a pivotal time in the club's history," Johnson said in a statement.

"Partnering with a visionary like Michele Kang and her team to advance the growth of the Washington Spirit and the NWSL is an incredible opportunity. I'm excited to join the team and play my part to help elevate this organization."

Johnson, 65, starred for the Los Angeles Lakers from 1980 to 1996, winning five NBA titles and three MVP awards. He was a 12-time All-Star and was named by the NBA as one of the 50 greatest players in league history upon his retirement. In recent years, Johnson has entered the sports business space, investing in multiple teams.

Kang has been the Spirit's principal owner since early 2022, when she bought the team for $35 million, which was an NWSL record at the time and about 10 times the valuation of a different NWSL franchise sale two years earlier.

The Spirit had just won the 2021 NWSL championship amid a tumultuous season that included the ousting of former head coach Richie Burke amid allegations of abuse. Amid their run to a championship, players publicly called for former majority owner Steve Baldwin to sell the team. Kang was a minority owner at the time.

NWSL team valuations have skyrocketed since Kang's takeover, with the NWSL record for team valuation falling multiple times this year. The July acquisition of Angel City FC by Willow Bay and Bob Iger (CEO of Disney, the parent company of ESPN) set a new bar with a $250 million valuation.

The sale of Los Angeles-based Angel City continued the trend of an influx of billionaires into the NWSL, a marked change from its humble launch as an eight-team league in 2013. The NWSL is expected to name its 16th team later this year.

Johnson is the chairman and CEO of Magic Johnson Enterprises, which also holds partial ownership in the Washington Commanders (NFL), Los Angeles Dodgers (MLB), Los Angeles Sparks (WNBA), LAFC (MLS) and eSports franchise Team Liquid.

"It is a great honor to welcome Earvin to the Washington Spirit today. From the basketball court to the boardroom, Earvin knows how to win, and we are delighted to count on his expertise as part of our fantastic investor group," Kang said in a statement.

"His commitment not only reflects the strength of our club, players, fans and brand, but also sends a powerful message about the growth and impact of women's sports globally. Together, we look forward to taking the Washington Spirit to new heights and inspiring the next generation of young women and girls worldwide."

The Spirit did not disclose terms of Johnson's investment.

Under Kang, the Spirit has grown from a club that averaged just over 4,000 fans in 2021 to one averaging nearly 14,000 fans per game this year.

Kang has since purchased controlling stakes in eight-time European women's champions Lyon and English second-division side London City Lionesses. She plans to purchase several more clubs on different continents and create a global network to scale resources.