Wednesday, October 20, 2010

Magic Sold Lakers Actions

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Earvin "Magic" Johnson, one of the best players of all time in the NBA, confirmed Tuesday the sale of shares of Los Angeles Lakers, after more than 10 years as owner.

The information was provided by the Los Angeles Times, adding that "Magic" had control 4.5 percent of the club.

The buyer, a doctor billionaire Patrick Soon-Shiong, would have paid about $ 28 million per transaction.

"Dr. Soon-Shiong is a big fan of the Lakers, a prominent businessman who is turned to philanthropy and is one of the most active community leaders in Los Angeles," said Johnson, who decided to sell his party after a "thorough deliberation ".

Magic shone on the Lakers in the 80s and 90s, where he won five championship rings in the NBA. However, Johnson said he will continue "working with Jerry Buss (the main owner of the club), Jeanie Buss (Buss and vice president's daughter) and Mitch Kupchak (general manager) in their efforts to build and maintain the best NBA team" .

"My decision is not in any way affect my commitment and support to Los Angeles Lakers. I am and always will be a Laker for my whole life," he said.

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