Magic Johnson sells ownership stake in Lakers

Magic Johnson sells ownership stake in Lakers

The Los Angeles Lakers announced on Monday that former Laker Earvin “Magic” Johnson has sold his minority ownership stake to L.A. businessman Patrick Soon-Shiong.

Long-time Lakers fan Soon-Shiong, who is a biotechnology entrepreneur and physician, bought Johnson’s stake of the team estimated at 5 percent for an undetermined amount.

As of last year, the Los Angeles Lakers have a value of $609 million according to Forbes magazine. Johnson’s stake was about $30 million if the 5 percent stake, which the Lakers did not confirm, is accurate.

“It is an honor for me to part of the Lakers family and the nation’s foremost basketball franchise,” said Soon-Shiong, who is a regular at Staples Center’s courtside for the last 25 years.

Soon-Shiong has an estimated net worth of $7.1 billion dollars, making him the wealthiest resident of Los Angeles according to the Business Journal.

Johnson, who starred for the Los Angeles Lakers and became an NBA legend, is reported to be eyeing a stake in the Detroit Pistons which plays close to Lansing, Michigan — Johnson’s hometown.

Under the ownership rules of the NBA, Johnson needed to relinquish his stake with the Lakers to claim ownership of another franchise.

Johnson issued a statement saying that it was a tough decision for him to make.

“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,” Johnson said. “I am and will always be a Laker for life.”

Posted by Andre Monohan on Wednesday October 20 2010, 11:55 AM EST. All trademarks acknowledged. Filed under World. Comments and Trackbacks closed. Follow responses: RSS 2.0