Magic Johnson Sells His Share of the Lakers

by October 18, 2010
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Magic no longer owns a part of the Lakers; he sold his share to a longtime season ticket holder. From the team’s website: “Los Angeles Lakers legend and part-owner Earvin ‘Magic’ Johnson has sold his share of the team to Dr. Patrick Soon-Shiong, it was announced today. The transaction price of Johnson’s share of the team is undisclosed. Lakers majority owner Dr. Jerry Buss had this comment on the transaction: ‘The sale of Earvin’s share of the team is a business decision which will not change our relationship. Our friendship goes well beyond business. Patrick is a long-time and passionate Lakers fan and we are delighted to have him as a partner’ … ‘After heavy deliberation and a weighing heart, I have decided to sell my share of the Lakers to Dr. Patrick Soon-Shiong. 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,’ said Johnson. ‘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.”’