Johnson sells Lakers stake 20/10/2010 |
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Earvin "Magic" Johnson has sold his stake in the NBA's Los Angeles Lakers.
Financial details of the transaction were not disclosed, but the Los Angeles Times reported that the Hall of Fame guard had about a 4.5 per cent stake in the team.
The Lakers was valued at $607m last December by Forbes magazine, which would make the sale of Johnson's stake worth about $27m.
Johnson, who won five championships with the Lakers in a distinguished playing career, said he will continue to work with the team's majority owner Jerry Buss.
"This was a bittersweet business decision made on behalf of my family and myself," Johnson, who played his entire 13-season playing career with the Lakers, said in a statement.
"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."
The team said Johnson sold his stake in the club to Dr. Soon-Shiong, a Lakers season-ticket holder for over 25 years and the chairman and chief executive of All About Advanced Health and founder of the National Coalition for Health Integration.
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