El Seguno, CA - Earvin "Magic" Johnson sold his share of the Los Angeles Lakers to Dr. Patrick Soon-Shiong, the team announced Monday.
The price of the transaction was not disclosed, but the Los Angeles Times indicated the Hall of Fame guard owned about a 4.5-percent stake in the club.
Johnson played for the Lakers for 13 seasons and led them to five NBA titles (1980, '82, '85, '87, '88). The three-time league MVP was elected into the Naismith Memorial Basketball Hall of Fame in 2002.
"Dr. Soon-Shiong is a super Lakers fan, an outstanding businessman, a dedicated philanthropist and one of the most active community leaders in Los Angeles," said Johnson. "I am truly humbled to have been a Lakers player for 13 years and an owner for over 10 years. I thank [owner] Dr. [Jerry] Buss from the deepest part of my heart and soul for allowing me such an incredible opportunity. I will continue to work alongside Dr. Buss, Jeanie Buss and [general manager] Mitch Kupchak in their efforts to continually build and maintain the best NBA franchise in the league."
Dr. Soon-Shiong has been a Lakers season ticket holder for more than 25 years and serves on countless health boards in the Los Angeles area.