Magic Johnson sells his 105 Starbucks franchises
Johnson has divested his interest in Starbucks, selling 105 of the franchises back to the company, according to a source not authorized to speak publicly.
A source close to Johnson said that the Hall of Famer liquidating his assets doesn’t indicate he’s interested in pursuing another NBA team right now, but he does have an eye toward acquiring something “in sports" in the future. The two sales combined were worth more than $100 million to Johnson, the source said.
Johnson had been rumored to be interested in buying the Golden State Warriors or Detroit Pistons, but the source said that was never the case. The Warriors and Pistons have been sold.
The source also insisted that Johnson’s real estate properties are doing fine.
Johnson made the two sales because it was a good business decision, the source said.
Johnson sold his 4.5% ownership stake in the Lakers to billionaire season-ticket holder Patrick Soon-Shiong, the team announced Monday.
Terms of that deal were not released, but various publications valued the Lakers' worth at $600 million, and Johnson’s stake had an estimated value of $27 million.
Since retiring from the Lakers, Johnson, 51, has become a successful businessman, venturing into commercial real estate, health clubs and restaurants.
Neither Johnson nor his agent, Lon Rosen, could be reached for comment.
Johnson has purchased a luxury suite at Staples Center and will continue to be involved with the Lakers.
-- Brad Turner
Photo: Magic Johnson. Credit: Nick Ut / Associated Press