Monday, October 18, 2010
Magic Johnson Sells Ownership Stake In The Lakers
By Mike Bresnahan
Los Angeles Times
Magic Johnson will forever be connected with the Lakers, but he can't be called part-owner of the team any longer.
Johnson sold his 4.5% ownership stake in the franchise to billionaire season-ticket holder Patrick Soon-Shiong, the team said Monday.
Johnson, 51, has become wealthy from his business ventures since retiring from basketball, including commercial real estate, health clubs and restaurants.
But Johnson, who wore No. 32 on the way to becoming a Hall of Fame guard for the Lakers, is a relative pauper compared with Soon-Shiong, a surgeon and biotech investor ranked No. 46 among the nation's wealthiest people by Forbes magazine this year. His estimated worth is $5.6 billion.
Soon-Shiong, 58, said in a statement that it was "an honor to be part of the Lakers family and the nation's foremost basketball franchise."
UPDATE: Even though Johnson reportedly received "an offer he couldn't refuse" for his stake in the Lakers, which was approximately worth $27 million, many of you might still find it hard to believe Johnson would simply sell his ownership share for a big profit. Well, it seems as though such inclinations could be spot on.
SportsbyBrooks.com has some interesting information regarding Johnson making a run at owning another NBA franchise, and his stake would be a lot bigger than 4.5%.