Magic Johnson Sells His Lakers Share For $35 Million.Not that he needed the money, but the CEO of Magic Johnson Enterprises recently pocketed a quick $35 million dollars by selling his 5% stake in the Los Angeles Lakers yesterday. TMZ reports Magic made the sale from a skyphone as he flew in a private jet to a YMCA event in Hartford,CT. Reports speculate that Magic's sale clears the way for the Hall of Famer to own a bigger portion of another NBA team in the future.
Magic bought shares of the Lakers in June 1994 for a reported $10 million, and now the five-time league champion is interested in taking a larger ownership role in an NBA franchise. Last month he expressed interest in taking a significant role in a group attempting to buy the Detroit Pistons.
Asked about the deal, Magic released this statement:
"I am truly humbled to have been a Lakers player for 13 years and an owner for over 10 years. 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."
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