Truth & Rumors > NBA
Magic gained 'a lot more' than $27 million on sale
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08:12 AM ET 10.19 | What he does next is a matter of conjecture at this point, but, for now, Magic Johnson has sold his stake in the Lakers to a billionaire fan of the team. Based on various valuations the Lakers are worth about $600 million, and Johnson's stake had an estimated value of $27 million, though exact terms of his sale were not disclosed. "It was a very smart business decision on Earvin's part [to sell]," said Lon Rosen, Johnson's longtime agent. The sale amount was "a lot more" than $27 million, said a team source who was not authorized to speak publicly. "[Magic] was made an offer that he couldn't refuse."
Magic Johnson , Getty Images
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Comments (538) Add A Comment
Sounds like the Godfather paid Magic a visit.
Onion
Total Comments (2466)
Given that he wants to own a majority of another team, I can see why he sold. However, it sounds like he made out pretty well on this deal. I'm willing to bet he cashed in for close to $50 million.
godofdetailing
Total Comments (291)
Not so sure.. Magic has HIV... maybe he's getting ready to die.
Lostwill
Natick , MA
Total Comments (5255)
No, it sounds like Magic is a very smart businees man!!!
The Oldtimer
Total Comments (23188)
so he IS the godfather...nice
bizballer
Total Comments (2025)
You wish, Celtic fan!! LOL.
The Oldtimer
Total Comments (23188)
Yes he is the "Godfather" and don't you ever forget it! LOL.
The Oldtimer
Total Comments (23188)
Laker fan, I think he/she was just kidding.
Lighten up.
Dr. Strange
Total Comments (357)
(kisses the ring)
bizballer
Total Comments (2025)
now he can take his $ and go buy the Pistons.
20
Total Comments (1577)
I thought he would have done this BEFORE the Pistons got sold. I'm not sure what NBA franchise he wants a ownership now in. I wish he invest some money on our pathetic Hawks, we need good owners here.
ESPN
Atlanta , GA
Total Comments (1861)
I knew he was kidding. Maybe you, are the one that should "Lighten up".
The Oldtimer
Total Comments (23188)
4.5% of the Lakers = 100% of the Pistons
Yep sounds about right.
Krejaton
Total Comments (258)
That's what I'm saying!!! But it should be plural, "Kisses the ringS".
The Oldtimer
Total Comments (23188)
Well the NBA is a buisness, he had to make a buisness move.
Ziggy The Fresh…
Total Comments (20861)
don't push it....lol
bizballer
Total Comments (2025)
I totally agree! It's always good business to sell, when you can get a big profit off of your investment.
The Oldtimer
Total Comments (23188)
You are the man, Bro.
I Love LA
Total Comments (5564)
Nice one Magic,
Chitown's Finest!
Total Comments (14400)
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