Magic Johnson and the Los Angeles Lakers have always been a match made in heaven, and it appears as if the partnership between the two parties is not over yet. The NBA team has rekindled its relationship with the former point guard, offering him a senior role in the franchise.

It was announced Thursday by the team that Johnson will play an influential role in helping the former basketball juggernauts return to their glory days. The Lakers are currently struggling with the second worst spot in the Western Conference, with a dismal 17-34 record. Their last NBA title came in 2010 under the tutelage of Phil Jackson, and they also won a championship in 2009.

What exactly will Johnson's role be?

Jeanie Buss said magic johnson will offer the franchise counsel on the basketball side of things, and business advice. The former star won five NBA Championships with the California team, as well as three Most Valuable Player awards and three Finals MVP awards. He also served as team vice president until eight months ago.

As a businessman, Johnson has been wise about his investments, partnering up with Starbucks, 24 Hour Fitness, T.G.I. Fridays, AMC Theaters and other large American franchises. His current net worth is estimated to be $500 million, making him one of the wealthiest former athletes in the world. Johnson issued a statement to the team, saying he was going to "do everything in [his] power to help return the Lakers to their rightful place among the elite teams of the NBA."

How can the Lakers turn things around?

The Los Angeles team's struggles have been widely discussed for a few years now, partially because the team was financially strapped as it paid a large portion to Kobe Bryant many years past his prime.

Now that he's out of the picture, the Lakers can focus on investing in outside talent, while developing the young core of superstars that could make the All-Star team in the future.

20-year-old point guard D'Angelo Russell is in his second year with the team, already serving as co-captain. He had a stellar rookie season, scoring more than 13 points per game.

19-year-old Brandon Ingram is also essential to the Lakers' future, turning heads in his rookie season. Talented veterans such as Luol Deng and Timofey Mozgov offer an experienced presence to the team, which is a couple of players away from offering serious competition in the league.

Here's a recent tweet regarding the Johnson hire from the Lakers' Twitter account: