NBA: Magic Johnson sells ownership stake in Los Angeles Lakers

Earvin 'Magic' Johnson sold his ownership stake in the NBA's Los Angeles Lakers to a doctor who made his fortune on cancer treatments and generic drugs, the team said on Monday.  

Financial details of the transaction were not disclosed by the team, but the Los Angeles Times reported the Hall of Fame guard had about a 4.5% stake in the team.    

The Lakers were valued at $607 million last December by Forbes magazine, which would make the sale of Johnson''s stake worth about $27 million.   

Johnson, who won five championships with the Lakers in a distinguished playing career, said he will continue to work with the team''s majority owner Jerry Buss.  

"This was a bittersweet business decision made on behalf of my family and myself," Johnson, who played his entire 13-season playing career with the Lakers, said in a statement. 

"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."     

The team said Johnson sold his ownership stake of the club to Dr Soon-Shiong, a Lakers season-ticker holder for over 25 years and the Chairman and CEO of All About Advanced Health and founder of the National Coalition for Health Integration.