FOX Sports: Magic Johnson sold his small ownership stake in the Los Angeles Lakers to Dr. Patrick Soon-Shiong on Monday, possibly clearing the way for the Hall of Famer to own a bigger portion of another NBA team in the future.

Johnson bought shares representing about 4.5 percent of the Lakers in June 1994 for a reported $10 million. Johnson said the sale was strictly a ”bittersweet business decision,” but the five-time league champion has long been interested in taking a larger ownership role in an NBA franchise.

”I thank Dr. (Jerry) Buss from the deepest part of my heart and soul for allowing me such an incredible opportunity,” Johnson said in a statement. ”I will continue to work alongside Dr. Buss, Jeanie Buss and (general manager) Mitch Kupchak in their efforts to continually build and maintain the best NBA franchise in the league.”

Johnson spent his entire 13-year playing career with Los Angeles, including a 32-game comeback in 1996 nearly five years after his retirement. He has been a successful businessman since leaving the sport, excelling in commercial real estate ventures including movie theaters, restaurants and health clubs.

”The sale of Earvin’s share of the team is a business decision which will not change our relationship,” Buss said. ”Our friendship goes well beyond business. Patrick is a longtime and passionate Lakers fan, and we are delighted to have him as a partner.”

Continue reading ‘Magic sells ownership stake in Lakers’

  • Copy & Paste Police

    haha . . a day late guys . . and you can’t even type something up to justify it . . .

    bring it haters . . . you all know this is a POS site

  • http://57.amklac/ laffs atu

    magic decided to leave after kobe was exposed on national television in game 7 as a fraud.no way on earth does magic want to be associated with such a clown.kobe will never be as good as mj………you can take that to the bank.

    • bostonSUCKS88

      my only response to that comment is laughter

    • laffs atu!

      Magic decided to leave after Lebra James was exposed on national television. No way on earth does magic want to be associated with such a clown in Lebra! Lebra will never be as good as Steve Kerr……. you can make fun of me all you want Laker nation……….keepin it real or playing it stupid?

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    • F__K That!

      LMAO!!!!!!!!!

  • http://57.amklac laffs atu

    the real laffs at u approves that clone message………nice.

    • laffs atu!

      the dumb laffs atu at u approves that my messages are simply dumb…..nice…….keepin it real or playing it stupid?

  • Robert.

    Yeah, he wants to buy Detroit.
    .
    And now, he can say ‘good things’ about the Lakers on espn without a conflict of interest, or having to apologize for being part owner.

  • Los Lakers

    he should by the doyers

  • LakersEnElCoco

    I heard that hes working on bringing a football team to LA!
    Yeah!

  • Leaderfish

    Am I the only one who has not responded to uta sffal?

    He just wants attention. Don’t give it to him.

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