Magic Johnson Sells Ownership Stake in Los Angeles Lakers

Filed under: Lakers, Pistons, NBA Rumors

Earvin "Magic" Johnson is no longer a part-owner of the Los Angeles Lakers.



Johnson sold his stake in the Lakers to Dr. Patrick Soon-Shiong, an accomplished businessman, prominent UCLA surgeon and Lakers season-ticket holder for 25 years, for an undisclosed sum, the team announced Monday. Johnson, who was believed to own as much 10 percent of the team, purchased his share in 1994 for a reported $10 million.



Johnson's motivations for selling his share of the franchise were not revealed, but now that he's done so, he's free to acquire a stake in another NBA franchise. Johnson, a native of Lansing, Mich., has previously admitted interest in having a role with the Detroit Pistons.



"After heavy deliberation and a weighing heart, I have decided to sell my share of the Lakers to Dr. Patrick Soon-Shiong," Johnson said in a statement released by the team. "Dr. Soon-Shiong is a super Lakers fan, an outstanding businessman, a dedicated philanthropist and one of the most active community leaders in Los Angeles



"I am truly humbled to have been a Lakers player for 13 years and an owner for over 10 years. I thank Dr. Buss from the deepest part of my heart and soul for allowing me such an incredible opportunity. I will continue to work alongside Dr. Buss, Jeanie Buss and Mitch Kupchak in their efforts to continually build and maintain the best NBA franchise in the league. This was a bittersweet business decision made on behalf of my family and myself, and I want to assure all the wonderful and loyal Lakers fans that my decision will in no way affect my dedication and support for the Los Angeles Lakers. I am and will always be a Laker for life."

 

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Full story at http://nba.fanhouse.com/2010/10/18/magic-johnson-sells-ownership-stake-in-los-angeles-lakers/