Earvin "Magic" Johnson will always be a part of the Lakers in our hearts, but he doesn't own part of the team any longer. He sold his 4.5% stake in the team to season ticket holder Patrick Soon-Shiong. Johnson was a Laker player for 13 years and an owner for 10 years.
Johnson said this about his decision: "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.”
Laker's owner Jerry Buss isn't worried about his relationship with Johnson. "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.”
We're glad everyone's happy!