Either Magic Johnson is loading up on cash because he’s about to flee from the law or he’s planning to purchase something very big in the near future.
The first surprise came when Johnson released a press release on Monday saying he had sold his minority share of the Los Angeles Lakers. A former Laker and long-time part owner of the team, Johnson had become one of the most recognizable and popular player-turned-owners in sports. Considering how closely his ties with the Lakers have run over the years, many speculated he had made the sale because he was looking to make another purchase in the near future.
Those murmurs were all but confirmed today when it hit the newswire that Johnson reportedly sold his 105 Starbucks franchises for even more liquidity. Experts speculated that between this deal, and the Lakers sale, Johnson had accumulated approximately $100 million over the last few days.
Which brings us to the $100 million dollar question: Why?
Initially, people thought that perhaps Johnson had an interest in chasing ownership of either the Detroit Pistons or the Golden State Warriors. Considering Johnson went to school at Michigan State, the former option didn’t seem all that crazy. However, because of the agreement Pistons owner Karen Davidson and Mike Illitch have in place since they bought the team, it appears to be unlikely that Johnson is trying to sneak into that deal.
However, given Johnson's limited role with the Lakers and the fact Michael Jordan became the first former player to own majority share of an NBA franchise last year, it would make sense for Johnson to invest in a franchise that he could control -- far more than he did with the Lakers.
Another interesting rumor, started by...