Magic Johnson has sold his share of the Los Angeles Lakers.
One of the greatest to ever wear Purple and Gold has long been rumored to have desires of having a majority stake in an NBA franchise. Today, Magic took his first steps in that direction by selling off his 4.5% share of the greatest hoops franchise on the planet to an “influential” season ticket holder, Patrick Soon-Shiong.
Nothing has changed in the eyes of Dr. Buss. Magic will always be a Laker for life even if he no longer has a vested interest in the team.
“The sale of Earvin’s share of the team is a business decision which will not change our relationship.”
One of the most succeful athetes to turn businessman, Johnson has proven his game is as equally adept in venture capital as it was on the court. According to published reports, Dr. Buss is sitting on a franchise valued at over $600-million meaning Johnson has cashed out somewhere in the neighborhood of $28-million or roughly two Sasha Vujacics.
For all Magic has done, and continues to do, for the city of Los Angeles he will always be held in high reverence. This is but a stepping stone in his evolution as one of basketball’s greatest ambassadors. Johnson will now be free to explore the next phase of his career. Although it should be noted that Johnson’s agent, Lon Rosen, has stated that this move is “not immediately connected with any other moves”. (Wink, wink…nice use of the word ‘immediately’)
Best of luck to Magic and his business partners! We’ll be rooting for his success every time his new team takes the court with one exception, of course.
For Magic this was truly a tough but necessary decision.
“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.”