Wednesday, Oct. 20, 2010
LOS ANGELES (AP) Basketball legend 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."