Businessman and physician Patrick Soon-Shiong, one of the minority owners of the Los Angeles Lakers, has no intention of selling his 4% stake in the franchise, according to his attorney, as reported by ESPN.
The decision comes amid major changes in the Lakers’ ownership structure. Bob Iger and Josh Kushner are moving forward with the acquisition of Mark Walter’s controlling interest in the franchise, a deal that values the Lakers at approximately $12.5 billion. Meanwhile, the Buss family remains involved in a dispute over the potential sale of its remaining 17.8% stake.
Read More
Soon-Shiong acquired his 4% Lakers stake in 2010, purchasing shares that had previously belonged to NBA legend Magic Johnson. His representative now says that he intends to remain an active and committed partner in the organization.
Why doesn’t Soon-Shiong plan to sell his shares?
His attorney said the minority owner is excited about the Lakers’ future and is willing to work alongside Iger and Kushner once the ownership transaction is completed.
Soon-Shiong’s decision to remain invested could become significant as the historic NBA franchise enters one of the biggest ownership transitions in its recent history.
