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Magic Johnson sells Lakers stake
LOS ANGELES, -- Former Los Angeles Lakers great Earvin "Magic" Johnson has sold his ownership share of the team to a biotech billionaire, officials said Monday.
The terms of the deal weren't disclosed, but industry analysts estimated Johnson owned 5 percent of the Lakers, which would make his stake worth about $30 million, the Los Angeles Business Journal reported.
Dr. Patrick Soon-Shiong, a medical doctor and Lakers "super-fan" with longtime courtside seats, has purchased Johnson's share, the team announced.
He was ranked by the Business Journal as the wealthiest man in Los Angeles with an estimated net worth of $7.1 billion.
Soon-Shiong invented the nation's first protein nanoparticle delivery technology for the treatment of metastatic breast cancer. Last weekend he sold his company, Abraxis BioScience Inc., to Celgene Corp. for an estimated $7.5 billion.
Johnson, who played his entire career with the Lakers, reportedly is interested in buying a stake of his hometown team, the Detroit Pistons, and by league rules would need to sell his interest in the Lakers to do so.
LOS ANGELES, -- Former Los Angeles Lakers great Earvin "Magic" Johnson has sold his ownership share of the team to a biotech billionaire, officials said Monday.
The terms of the deal weren't disclosed, but industry analysts estimated Johnson owned 5 percent of the Lakers, which would make his stake worth about $30 million, the Los Angeles Business Journal reported.
Dr. Patrick Soon-Shiong, a medical doctor and Lakers "super-fan" with longtime courtside seats, has purchased Johnson's share, the team announced.
He was ranked by the Business Journal as the wealthiest man in Los Angeles with an estimated net worth of $7.1 billion.
Soon-Shiong invented the nation's first protein nanoparticle delivery technology for the treatment of metastatic breast cancer. Last weekend he sold his company, Abraxis BioScience Inc., to Celgene Corp. for an estimated $7.5 billion.
Johnson, who played his entire career with the Lakers, reportedly is interested in buying a stake of his hometown team, the Detroit Pistons, and by league rules would need to sell his interest in the Lakers to do so.
