Magic Johnson Sells His Lakers Ownership To Dr. Patrick Soon-Shiong
I never thought I would see this, but Magic Johnson, who is considered by many the greatest Laker of all, has sold all of his ownership in the team.
Magic released a statement about the transaction:
“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.”
The guy that Magic sold his shares to is a doctor who specializes in cutting edge cancer treatments.
Any time someone says “bittersweet business decision”.
What that means to me is whatever was sold, they got a lot more back than what they paid for it.
If you had a car you had sentimental value for, but someone offered to buy it for 10x what you purchased it for, you are likely to just live with the memories.
For some people some things don’t have a price, but for Magic it isn’t like he will be erased for Lakers history. He probably made a huge profit, while his influence on the franchise will be the same.
That my friends is what we call a “win/win”.