10/19/2010 09:39 am ET | Updated May 25, 2011

Magic Johnson Sells Ownership Stake In Los Angeles Lakers

Earvin "Magic" Johnson is no longer a part-owner of the Los Angeles Lakers.

Johnson sold his stake in the Lakers to Dr. Patrick Soon-Shiong, an accomplished businessman, prominent UCLA surgeon and Lakers season-ticket holder for 25 years, for an undisclosed sum, the team announced Monday. Johnson, who was believed to own as much 10 percent of the team, purchased his share in 1994 for a reported $10 million.

Read more on NBA FanHouse