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Magic Johnson Sells His Lakers Shares

In a potential sign that he indeed intends to pursue his dream of building a team, Lakers legend Magic Johnson sold his shares of the L.A. Lakers today, the team announced, to local businessman and philanthropist Dr. Patrick Soon-Shiong, a longtime Lakers season ticket-holder.

Johnson’s statement reads, in part:

“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."

Dr. Jerry Buss, the Lakers’ majority owner, said the following about the transaction:

"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."

Keep it tuned to SB Nation Los Angeles for more on this story as it develops. For more Lakers news and analysis, be sure to read Silver Screen and Roll.