Tuesday, October 19, 2010

Magic Johnson Sells His Lakers Stake

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Magic Johnson has officially put an end to an important era of professional sports. Johnson, a long-time staple in the stands at Los Angeles Lakers games, is no longer an owner of the team. TMZ is reporting that while riding his private jet, Johnson signed a deal to sell his five-percent stake in the team for a cool $35 million.
The Lakers are the most valuable team in the NBA with a 2010 market value of $607 million. Johnson is also a valuable commodity himself, with a net worth estimated at half a billion dollars. This is the latest move in a series of impressive business decisions made by the NBA Hall of Famer.
I still remember that day 18 years ago when Magic Johnson announced on national television that he was HIV positive. I was standing in my dorm room with my two roommates and my girlfriend, who was in tears. She didn't know a lot about sports, but she certainly knew about Magic Johnson. It was a sad day for all of us, since we were counting the days until Magic would move on to the afterlife.


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