Legendary Earvin "Magic" Johnson, designated as one of the best NBA players ever, was reported by the NBA magazines and basketball news reporters, as he went in selling his ownership stake in the Los Angeles Lakers to a doctor whose fortune was made through finding treatments to cancer and generic drugs.

The details regarding the financial transaction were kept undisclosed by the Lakers team, but the Los Angeles Times reported the Hall of Fame guard had about 4.5 per cent stake in the Lakers jerseys team. Note that Forbes Magazine had already rated the LA Lakers with a value of $607 million as of December 2009, which means that the sale of Magic Johnson is worth around $27 million.

Magic Johnson, who previously grabbed 5 NBA championships with the Los Angeles Lakers, affirmed that he will resume working with the team's majority owner Jerry Buss. As stated in front of the NBA Live TV reporters and quoted out of the Lakers official site, Johnson affirmed: "This was a bittersweet business decision made on behalf of my family and myself. I want to assure all the wonderful and loyal Lakers fans that my decision will in no way affect my dedication and support for the Los Angeles Lakers."