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Magic Johnson Sells His Lakers Shares

In news that may be completely irrelevant -- but probably worth noting given his comments in August about wanting to join the group who buys the Pistons -- Magic Johnson has sold his stake in the Lakers. If that's any indication of things to come, that's certainly the first step to moving on elsewhere as an NBA higher up.

What does this mean? Well, moving up in the NBA executive ranks could mean getting involved with Ilitch in buying the Pistons. Johnson said in August that he wouldn't be the head honcho, that that would have to be somebody like Ilitch and he would entertain the idea of joining forces with him if it was presented. As of then, he hadn't been in contact with the Pistons or Ilitch about the possibility. However, Johnson also recently said that he wants a bigger role in team ownership a la Michael Jordan in Charlotte, "as one of or the main faces of the franchise." The two statements seem to be kind of contradicting, although Magic Johnson back in Michigan would make him a relatively main face anyway, even if he only owned a small percentage of the team. 

For what it's worth, the five percent share he had in the Lakers was reportedly worth around $28 million. That's about six percent of the latest going rate for the Pistons. Hey, it's a larger 'role.'