Magic sells LAL ownership stake to Dr. Patrick Soon-Shiong

[DarknessFalls2]

http://sports.yahoo.com/nba/news;_ylt=AimNq3CPA3NYRFhCZTDJ8Pa8vLYF?slug=ap-lakers-magicsells

Magic Johnson sold his small ownership stake in the Los Angeles Lakers to Dr. Patrick Soon-Shiong on Monday, possibly clearing the way for the Hall of Famer to own a bigger portion of another NBA team in the future.

Soon-Shiong is an innovative physician, a businessman, a philanthropist, a UCLA professor and 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.

“Our family looks forward to a future filled with the excitement this team brings to the city and the nation,” Soon-Shiong said. “Earvin Johnson is a shining example of excellence on and off the court, and it is a privilege to have acquired his ownership position.”

Also recently named the richest in LA's Journal's list:

http://www.huffingtonpost.com/2010/05/29/las-winners-of-the-week-m_n_594167.html

Patrick Soon-Shiong: The richest guy in a city full of rich-guys, Soon shiang topped the :LA Business Journal's list of wealthiest Angelino's this year. Writes the LABJ: "While many of L.A.'s richest spent the past 12 months rebuilding their recession-pummeled fortunes, biotech billionaire Patrick Soon-Shiong didn't skip a beat - building on the proceeds of last year to once again top the heap of Wealthiest Angelenos.
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The South African-born researcher and surgeon, who reaped a $3.7 billion payday from the 2008 sale of generic drug maker APP Pharmaceuticals Inc., took advantage of the distressed real estate market and government bond sales to make strong gains in his portfolio."

http://www.forbes.com/profile/patrick-soon-shiong

http://www.latimes.com/sports/la-sp-1019-lakers-magic-johnson-20101019,0,3865442.story

Biotech investor Patrick Soon-Shiong, the nation's 46th-richest individual according to Forbes magazine, buys Johnson's 4.5% share of the franchise. The Lakers great, rumored to have interest in buying another NBA team, will retain his vice president's title with Lakers.

 

[CKR132]

I guess we saw it all coming where Johnson was prepared to sell his Los Angeles Lakers ownership stakes during the Detroit Pistons Auction of prospective buyers where Johnson was in the headlines of wanting to own a NBA franchise; much like Michael Jordan did in Charlotte. Its just that Johnson has not found a financial backer to be in serious consideration for the Pistons.

Most likely, I can see Johnson buying stakes from the Pistons sale if they go public.