Today the Lakers announced that Magic Johnson was selling his 4.5% ownership stake in the franchise.
(If Magic Joins Pistons, Izzo’s down)
Johnson has owned shares of the team for over 10 years, so why is he formally breaking from the only NBA team he’s ever been associated with?
Three months ago Scott Howard-Cooper of NBA.com reported that Johnson had been part of a group that had recently attempted to buy the Golden State Warriors. That opportunity fell through, but had Johnson’s partners been able to secure ownership of the team, Howard-Cooper reported, “Johnson would have sold what is believed to be a five-percent stake in the Lakers for a larger, but unknown portion, in Golden State.”
Johnson also made it known on the record at that time that he was very interested in joining the Detroit Pistons organization if it meant a significant front office position combined with a possible ownership stake. (The Pistons are up for sale by Karen Davidson, wife of the late Bill Davidson.)
Here’s Johnson back in August on the opportunity to return to his home state to help oversee the Pistons:
“Some people had called me and wanted me to [know] if I’m interested in being a part of a group to own the Pistons.
Somebody back there has to be the majority owner. Be the owner. That wouldn’t be me. But if (Mike) Ilitch or somebody — you’ve got a good guy back there already in Joe Dumars. If somebody said, ‘Hey, can you come and think about helping Joe Dumars?’ then I would think about it.
“Just like the Lakers. It’s not the full [ownership]. You just get a little piece. But then you are involved in the basketball, how the decisions are made.”
More from Howard-Cooper on Johnson-to-Detroit:
Asked if he is interested in ownership or management, the current Lakers vice president said, “Either way.”
But would you have a conversation about joining the front office if it did not include an ownership stake?
“Oh, yeah,” Johnson said. “If it’s the right situation.”
At the time of those comments, Johnson stressed that formal discussions had not taken place between the two parties. The Pistons, Ilitch and Dumars have remained mum on the possibility.
But with the news of Johnson selling his stake in the Lakers today, it isn’t unreasonable to think that the former Michigan State college hoops star may soon be throwing in with his hometown* NBA team. (*Lansing’s close enough.)
Johnson’s presence, in whatever capacity, is exactly the kind of thing the Detroit NBA franchise could use in a town so affected by a downtrodden economy. Wouldn’t surprise me at all if David Stern is also gently asserting his influence to get the parties started.
6:26 pm on October 18th, 2010
Illich will buy the stones, get teh palace and everything that goes with it, then build a new joe/multi arena downtown
8:29 pm on October 18th, 2010
no, don’t go, sad it not true, Detroit Pistons magic u r a Lakers.
12:30 am on October 19th, 2010
A lot of teams are in trouble. Owning a sport franchise is not feasible unless you are in the top markets. Escalating player salaries is the culprit. The gap between the rich and poor is getting wider and the poor cannot afford to go to games anymore.
2:05 am on October 19th, 2010
It was both funny and pathetic last spring when prior to game 7 of the Finals, Magic opined to a stunned and surprised audience and his own on camera colleagues, that the loss of Kendrick Perkins to injury would be a benefit to the Celtics. This Laker homer must’ve seen the faces of his colleagues freeze at the thought of Brian Scalasomething and a washed up Rasheed Wallace taking the place of the starting Celts center. I couldn’t care less about either team but what a moronic analysis from a bought and paid for walking conflict of interest. When Magic has a piece of the Pistons and they play Orlando one night and their best interior defender and rebounder is out, Magic will say it could be a blessing in disguise to have Popeye Jones playing because…? Asshat.
8:10 am on October 19th, 2010
He bought a small stake in the Lakers in the early 90’s (definately millions invested)…Id love to find out the level of growth from his initial investment. What would you say 5% of the Lakers if worth nowadays? The team is net worth estimated $7.6B. Makes you think….
8:17 am on October 19th, 2010
Magic is crazy like a fox ! Everything he touches turns to gold. Oh yeah, for all you pundits who have never played the game (HS, College or Pro) if you know so much about B-ball, how come you don’t own a piece of anything or run anything. Don’t smash Magic, Michael or Isiah, when you don’t have titles or ring the first. You ‘ all just go on hating on them, while they are legends and will be remembered and spoken of when you are long gone and forgotten. Basketball will live forever and so will the greats !
3:45 pm on October 19th, 2010
I think Magic sold because he got a price he couldn’t refuse. Add into the fact that the Lakers window is about 2-3 years max before Kobe starts to significantly decline, a new CBA with a possible lockout next season (meaning after this year the Laker window is 1) and then franchise really falls in value.
If he can get part of the Pistons, and maybe Illitch has talked to him about it and Illitch appears to be the buyer for the Pistons, it was the perfect time to sell.
1:14 am on October 20th, 2010
what kinda crack is that poster smoking”””’