Dr. Patrick Soon-Shiong Acquires 4.5% Stakes Of Los Angeles Lakers

October 19th, 2010 - 7:47 pm ICT by GD  

By Gina Gomez
patLos Angeles, Oct 19, (THAINDIAN NEWS) South African-American surgeon Dr. Patrick Soon-Shiong has acquired 4.5 per cent stakes in the Los Angeles Lakers, the team divulged on Monday. The doctor who is known for his work on cancer treatment as well as generic drugs, acquired the ownership stakes from Earvin “Magic” Johnson who bought the shares of the team in the mid-1990’s. Although the Los Angeles Lakers have confirmed that Earvin “Magic” Johnson has sold his stakes in the team, details of the contract that has been reached by both the parties have not been revealed to the media.

Earvin “Magic” Johnson’s decision to sell his ownership shares in Los Angeles Lakers is believed to be the first step in his initiative to own a much bigger stake in some other NBA team in the near future. A statement that was later issued by Earvin “Magic” Johnson described the deal as a ‘bittersweet business deal’ which was made on the behalf of his family and himself. However, the former basketball star also assured all the die-hard Los Angeles Lakers fans that his decision to sell his stakes in the team does not mean that his dedication and support for it has been affected in any way.

Quite contrary to Earvin “Magic” Johnson’s long term association with the Los Angeles Lakers team before he brought the shares of the team, Dr. Patrick Soon-Shiong is well-known name in the medical fraternity. He is the founder of the biotechnology company Abraxis BioScience, that deals with cancer treatment. However, the noted physician and philanthropist is known to be a Lakers season-ticket holder for the last 25 years.

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