Magic Johnson has sold his shares in the Los Angeles Lakers, the team announced on Monday.
Dr. Patrick Soon-Shiong, a Lakers season-ticket holder for 25 years, bought Johnson's stake in the team for an undisclosed sum.
"I am truly humbled to have been a Lakers player for 13 years and an owner for over 10 years," Johnson said in a statement. "I thank Dr. [Jerry] 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 [general manager] 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."
Johnson bought shares representing about 4.5 percent of the Lakers in June 1994 for a reported $10 million.
Soon-Shiong has played a primary role in cutting-edge treatments for a wide variety of cancers. He is chairman of the Chan Soon-Shiong Family Foundation, chairman and CEO of All About Advanced Health and founder of the National Coalition for Health Integration. He is also the executive director of the UCLA Wireless Health Institute and professor of Microbiology, Immunology, Molecular Genetics and Bioengineering at UCLA. Soon-Shoing's companies were also purchased by a bigger pharmaceutical company for a price near 4.2billion dollars.
*Sources say magic also sold all his starbucks and Fridays restaurants along with his chain of movie theatres.. in hopes of owning a NBA franchise of his own, or in the works of building a state of the art stadium and attempt to bring a football team to LA.*
