19 Oct 2010

Johnson sells stake in LA Lakers

6:54 pm on 19 October 2010

Magic Johnson has sold his stake in the NBA's Los Angeles Lakers basketball side to a doctor who made his fortune on cancer treatments and generic drugs and has been a Lakers season ticket holder for 25 years.

Financial details of the transaction haven't been disclosed but the Los Angeles Times says Johnson, who won five NBA titles with the Lakers, had about a 4.5 percent stake in the team.

The Lakers were valued at $800 million last December by Forbes magazine, which would make the sale of Johnson's stake worth about $35 million.