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    Saturday, October 23, 2010

    Magic Johnson Buys Detroit Pistons Share After Giving Up Lakers

    Magic Johnson is arguably the richest former NBA player in the world today.

    He owns several Starbuck's Coffee shop and several shares of NBA teams in the last 10 years.

    Just recently he sold his very precious share of the Lakers to a doctor. It has appreciated by 70 percent from the old price when he bought it years ago. It's like by and sell. When you buy shares from a company, it will depreciate or appreciate after some time and he's lucky that his Lakers' share price went up because of its popularity. He then ultimately sold it.

    He's been taking care of that Lakers share for 10 years but when it comes to money talk he forgot all those precious memories in exchange for money. He's also a former Laker pointguard.

    Three months ago a sportswriter named Scott Howard-Cooper from NBA.com has reported that Magic Johnson has become part of those business moguls who wants to buy the Golden State Warriors because of its bright future.

    Scott Howard-Cooper said, “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.”

    Aside from Golden State Magic Johnson also wants to buy some shares of the Detroit Pistons. He wants to join the Detroit Pistons organization. If ever he's offer is accepted he would occupy a front office position combined with a possible ownership stake. Karen Davidson the wife of Bill Davidson wants to sell some shares to him.

    Magic Johnson said, “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.”

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