Just two days ago, the world caught wind of Magic Johnson’s big business deal — he sold his 4.5 percent share of the Los Angeles Lakers to a fellow named Dr. Patrick Shoon-Shiong. It was a bit of a surprise, considering Magic and the Lakers have gone hand in hand for a long, long time. But, apparently, Magic is having a fire sale on valuable commodities because the smiling legend just made another huge transaction.
This time, rather than removing an NBA team from his strong to quite strong portfolio, Magic’s decaffeinating.
A day after he sold his interest in the Lakers, Magic Johnson has also sold another of his successful business ventures.
Johnson has divested his interest in Starbucks, selling 105 of the franchises back to the company, according to a source not authorized to speak publicly.
A source close to Johnson said that the Hall of Famer liquidating his assets doesn’t indicate he’s interested in pursuing another NBA team right now, but he does have an eye toward acquiring something “in sports” in the future. The two sales combined were worth more than $100 million to Johnson, the source said. [...]
The source also insisted that Johnson’s real estate properties are doing fine.
Johnson made the two sales because it was a good business decision, the source said.
Dag, Magic Johnson is rich. He may not be interested in pursuing another NBA team right now, but if he were interested, $100 million is a pretty nice chunk of change to start a team-buying fund. Sure, having to pay for coffee now will offset that a bit, but it’s still a nice head start.
Magic selling Starbucks isn’t quite as strange as him getting rid of his Lakers shares — he didn’t have a Hall of Fame career as a barista followed by an ill-fated 16 day managerial stint, after all — but it’s a little odd that he’d be trying to cash out his assets if he weren’t planning something big. If he gets rid of his T.G.I. Friday’s then we’ll know something’s up. No one gets rid of a two-and-a-half star restaurant if they don’t have a backup plan.