Tuesday, October 19, 2010

Magic Johnson Sells Lakers Stake: His Life Has Been Extraordinary

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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