Magic Johnson may buy part of Sonics

[Guest alfdogg]

Earvin "Magic" Johnson, the Los Angeles Lakers' point guard recently inducted into the NBA Hall of Fame, said he is "65 or 70 percent down the road" toward becoming a part owner and administrator of the Seattle SuperSonics.

 

In an interview Sunday afternoon, Johnson told The News Tribune that he and Sonics principal owner Howard Schultz have spent time this summer discussing how much money it would cost Johnson to join the Sonics ownership group and what role he would play with the organization.

 

 

Now, Johnson said, all that is left is discussing with Lakers owner Dr. Jerry Buss a financial buyout of the 5 percent stake Johnson owns in that team.

 

 

"If you ask me where we are, right now we are about 65 or 70 percent down the road," said Johnson, in Seattle to help raise money for the campaign against breast cancer. "I am excited. Howard is excited. Hopefully there can be a deal."

 

 

Schultz declined to comment Sunday, saying he would wait until Johnson and Buss resolve their financial issues.

 

 

What needs to be determined is the value of the three-time defending world champion Lakers, a task made more difficult by the recent sale of the Boston Celtics for $390 million and the league's announcement that purchasing an expansion team in Charlotte would cost at least $300 million.

 

 

Forbes magazine in January estimated the Lakers' value at $403 million. But that clearly was a low estimate, because in the same study the Celtics were estimated to be worth $218 million and sold for almost twice that amount a few weeks ago.

 

 

If the Lakers are worth at least $500 million, Johnson stands to receive a minimum of $25 million. According to a source familiar with the situation, Johnson would purchase a 5 percent ownership stake in the Sonics, the price of which is yet to be determined. Schultz, who owns 42.5 percent of the team, and his partners purchased the Sonics for $200 million in March 2001.

 

 

In June, Johnson told The News Tribune that he and Schultz had talked hypothetically about working together.

 

 

However, later in the summer, Johnson, Schultz and their families spent three days together in Schultz's home in the Hamptons on New York's Long Island, during which time Johnson and Schultz worked out the details of a possible deal.

 

 

Johnson said a large part of the discussion centered on his role with the franchise. He currently works as a sort of goodwill ambassador for the Lakers, but said he wants to do more with Seattle.

 

 

"I told Howard I wanted to be a part of the organization, not just an owner," Johnson said. "But I want to make it clear, I don't want to disrupt anything. I want to add to what is already in place."

 

 

Johnson said he would help players work out in the summer. He said he would help recruit free agents. He said he would help deal with players with issues because of the respect his name commands. He said he would work in the community to raise team awareness. He said he would even work with local governments to get a new arena if and when that topic arises.

 

 

"I'm a worker, so you are going to see me in Seattle green everywhere," Johnson said. "Whatever they would send me in to do, that's what I would do. I am a team player, and so I would be the guy. Wherever you see the need, then you send me in to do that."

 

 

Johnson lives in Los Angeles, where he runs Magic Johnson Enterprises. He said he would continue to live in California, but would maintain an apartment in Seattle.

 

 

"When I would come, I would be here a month at a time," Johnson said. "If I can't get it done, then I can't get it done."

 

 

Neither Johnson nor Schultz knew what the timing of a possible deal would be, though both said the sooner the better, in part because Johnson needs to familiarize himself with the organization if he is going to be a part of the free-agent process after the season.

 

 

Johnson said he and Buss have not spoken recently, but they had initial conversations when The News Tribune published a story about Johnson's interest in the Seattle franchise in June.

 

 

"He just said, if that's what you want to do, let's sit down and talk about it," Johnson said. "Howard and I had not talked about what he was expecting, so now that we got that out of the way, I have to sit down with (Buss).

 

 

"I would think (it would happen), but a deal is not a deal until it is all done. We have to wait and see. We are moving forward. It is all going good. So we have to see where it goes from here."

 

Credit: NBA.com

[Guest ant_7000]

Hey, if Jerry West can leave the Lakers organization any ex-laker can. Magic probably would love own a good part of Lakers but that won't happen.