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Square gives Magic Johnson a seat on its board

"I am ready to get to work," says the basketball legend. The financial services company hopes to tap Johnson's competitiveness and experience in local business.

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Magic Johnson will join the Square board of directors. Stephen Dunn, Getty Images

Mobile-payments company Square will be adding some magic to its team.

Former NBA star Earvin "Magic" Johnson will join its board this summer, Square said in a release on Wednesday.

"I am ready to get to work as a member of Square's board of directors so that any business, in any community, can compete and win," Johnson said in the release.

Square makes small, square-shaped readers that allow small businesses and individuals to take credit card payments on their tablets or phones. The company, which recently pivoted to a merchant-focused model to support its popular card-reading hardware and storefront software, hopes to tap into Johnson's experience in fostering businesses in urban communities.

Magic, winner of five NBA championships with the Los Angeles Lakers and a three-time MVP, is the chairman and CEO of Magic Johnson Enterprises and chairman of the charity, the Magic Johnson Foundation. Last year, he joined the board of Hero Ventures, the company that puts on the Marvel Experience Tour.

"As a successful entrepreneur and advocate for economic inclusion, Earvin's unique perspective will be invaluable to our community of sellers and our board," Square CEO Jack Dorsey said in the release.

It's been a busy week for Dorsey, who will take over as interim CEO of Twitter -- the company he co-founded -- in July. Dorsey will be replacing outgoing CEO Dick Costolo.

Square and representatives for Magic Johnson weren't immediately available to comment on when Johnson would start.