Magic Johnson sells Stake in Lakers and 105 Starbucks Franchises

by Esf on October 19, 2010

Magic Johnson has become a successful businessman venturing into commercial real estate, health clubs, restaurants, movie theatres and stock investment. According to the Los Angeles Times, Magic has sold his 4.5% ownership stake in the Los Angeles Lakers to billionaire Patrick Soon-Shiong which is estimated to be worth $27 million. In addition to selling his stake in the NBA franchise, he sold 105 Starbucks franchises back to the company for $100 million. Speculation has it that Johnson is in the pursuit to acquire a NBA team which could be the reason for liquidating his assets.

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