Magic Johnson Ditching Investments and Raising Suspicions

altWith the recent selling of 105 Starbucks locations, his 4.5 percent share in the Lakers Franchise, and the closing of the famed Magic Johnson Theatre at the Baldwin Hills Crenshaw mall in South Los Angeles, one has to wonder, what the heck is up with Magic Johnson and his money?

Heralded in the black community for creating jobs and a sense of pride for black ownership, the sale of his L.A. based movie theatre and numerous Starbucks locations is building suspense among Angelinos as to what he is planning to do next.

A source from the L.A. Weekly reports:

“…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 … Johnson had been rumored to be interested in buying the Golden State Warriors or Detroit Pistons … however, the Warriors and Pistons have been sold.”

Technically these are relatively minor adjustments considering that Magic still owns Magic Johnson Productions, Magic Johnson Theatres (Washington, D.C., Harlem), Magic Johnson’s TGI Fridays, 31 Burger King locations, a handful of 24 Hour Fitness gyms, and Sodexo Magic, all while also working as a studio analyst for ESPN.  But one has to wonder, what’s really going on with Magic?

I’m sure we’ll find out soon enough, what “magic” he has up his sleeve. –marqueta smith

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