Yesterday, Magic Johnson sold his ownership stake in the Los Angeles Lakers to Dr. Patrick Soon-Shiong. The first thought is MAGIC DID WHAT? How could Magic sell his shares to a guy named Dr. Soon-Shiong? Then you find out who the doctor is.
Soon-Shiong is an innovative physician, a businessman, a philanthropist, and a UCLA professor. He left UCLA in 1991 to start VivoRx, a diabetes research firm.(My community thanks you!)
He is also a 25-year Lakers season ticket-holder. He founded two lucrative pharmaceutical companies: Abraxis BioScience, which was purchased by Celgene Corp. for $2.9 billion last week, and American Pharma Partners. So the doc doesn’t have to pay for seasons tickets anymore, and Magic gets the freedom to pursue a larger role with another organization.
Johnson bought shares representing about 4.5 percent of the Lakers in June 1994 for a reported $10 million. Johnson said Monday’s sale was strictly a “bittersweet business decision,” but the five-time NBA champion has long been interested in taking a larger ownership role in a team. Also Dr. $oon-$hiong can be super convincing!
“I thank (Lakers owner) Dr. (Jerry) Buss from the deepest part of my heart and soul for allowing me such an incredible opportunity,” Johnson said in a statement. “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.”
Magic then walked out of the press room, pulled out his phone and called Mike Ilitch.
Johnson expressed interest last month in taking a significant role in a group attempting to buy the Detroit Pistons led by Mike Ilitch, who also owns the Detroit Red Wings and Detroit Tigers. Ilitch’s group hasn’t publicly made any connection with Johnson….yet.
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