Magic Johnson sells Lakers stake

L.A. billionaire Patrick Soon-Shiong is buying Johnson's minority ownership in the team. No specifics so far about the size of the stake or the purchase price (I seem to recall that it's a pretty small slice). Team owner Jerry Buss said the Johnson sale was "a business decision which will not change our relationship." The obvious thought is that Johnson may be working on something with another team. From the Sporting News:

As the Detroit Pistons were up for sale this summer, Magic Johnson's name was associated as a possible piece of an ownership group. Earlier this month, Mike Ilitch -- who owns the Detroit Tigers and Detroit Red Wings -- purchased the Pistons. Since then, there has been no public reports about Johnson being part of that ownership group. However, in August, NBA.com reported Johnson wanted a larger piece of an NBA franchise or the opportunity to run a front office. Neither opportunity was going to present itself with the Lakers.

Soon-Shiong is a longtime Lakers fan. Other minority owners of the team include L.A. billionaire Ed Roski and Denver billionaire Philip Anschutz, whose AEG sports and entertainment company owns Staples Center. (LABJ, ESPN)