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Magic Johnson sells Lakers stake

Posted on: October 18, 2010 3:58 pm
Edited on: August 14, 2011 7:54 pm
 
Los Angeles Lakers legend Magic Johnson has sold his ownership stake in the franchise to a billionaire doctor.
Posted by Ben Golliver


The Los Angeles Lakers have announced today that franchise legend Magic Johnson, who helped guide the Showtime dynasty, has sold his ownership stake in the team. Take it away, press release.
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.”
The move ends ten years of ownership for Johnson, who has served the Lakers as a player, coach and minority owner during his more than three decades of affiliation with the organization. While Dr. Soon-Shiong, the billionaire founder of the cancer-fighting company Abraxis BioScience , isn't a household name like Johnson, he's not without his own degree of fame and notoriety. This Forbes profile from 2003 paints an interesting picture.
Dr. Patrick Soon-Shiong has been called ruthless and a headline-grabber. As a scientist he has been criticized for hyping his research results; as a drugmaker he has been accused of ripping off investors. Short-sellers have boldly bet against him, risking huge losses. Even his own brother, an early backer, sued him for fraud and fired him--twice--from the company they started. Their skirmishing lasted two years and destroyed their relationship. 
Yet Soon-Shiong, chairman and controlling shareholder of publicly held American Pharmaceutical Partners, endured the blows and has been largely exonerated--in the meantime, rising to billionaire status. Credit his immovable faith in the promise of an experimental cancer treatment dubbed Abraxane.   
He was ranked No. 87 of Forbes's 2009 list of the world's billionaires and his Wikipedia page is pretty mind-blowing.
Comments

Since: Dec 2, 2011
Posted on: January 30, 2012 9:38 pm
 

Magic Johnson sells Lakers stake

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Since: Dec 2, 2011
Posted on: December 21, 2011 11:34 am
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Since: Dec 2, 2011
Posted on: December 19, 2011 6:17 am
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Since: Dec 2, 2011
Posted on: December 14, 2011 1:36 am
 

Magic Johnson sells Lakers stake

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Since: Dec 2, 2011
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Magic Johnson sells Lakers stake

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Magic Johnson sells Lakers stake

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Since: Aug 11, 2007
Posted on: October 19, 2010 1:33 pm
 

Magic Johnson sells Lakers stake

Ummm doctors aren't scientists.  Those are PhDs.  But it's ok, everyone gets that wrong.  Doctors know everything, right?  That's why our health gets worse, and worse, and worse...
As for his business dealings, I don't see how that's controversial.  Show me a billionaire who doesn't lie about their products, cheat investors, and choose money over family.
Dr. Buss is a great individual, however, and it is a mockery that Soon-Shiong will be working with him.



Since: May 14, 2008
Posted on: October 19, 2010 12:05 pm
 

Magic Johnson sells Lakers stake

I agree. It's a pretty bland wikipedia page, especially for someone as rich and controversial as this guy supposedly is.

Sounds like an excellent doctor who is VERY VERY into money....and is a big proponent of pharmaceuticals. Pretty standard if you ask me. Frankly I'd be impressed if I found out he was a doctor who didn't sell out to the pharmaceutical companies and cared more about preventative care, rather than making money off of people by selling them drugs. But then again he owns a pharmaceutical company.....so I highly doubt that one.




Since: Sep 27, 2006
Posted on: October 19, 2010 10:53 am
 

Magic Johnson sells Lakers stake

It was said that this was a business deal. I believe that. Magic is a good businessman. It's possible he could be lining up to take a GM position with another team or something. It would suck, I love having Magic still a part of the Lakers. But if he has an opportunity to go somewhere and have a bigger role in the game, so be it. It has happened with great players before. MJ with the Bobcats, Bird with the Pacers, and McHale with the Timberwolves. I wish Magic the best in whatever he does, he has and always will be a great Laker.



Since: Nov 22, 2006
Posted on: October 19, 2010 8:33 am
 

Magic Johnson sells Lakers stake

Really, what have you done by the age of 31?


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