Magic Ready to Sell Stake in the Lakers

Magic Johnson is negotiating to sell back his 5% ownership in the Lakers to Jerry Buss and end an association that has lasted parts of three decades so he can enter the field of athlete management .

There is no timetable for the deal to be completed, but history says it won’t take long because this will mark the fourth ownership transaction between the two and because Johnson and Buss consider their relationship more father-son than business. It began when both joined the NBA in 1979 and has spanned Johnson’s stints as superstar player, frustrated coach and enthusiastic executive.

Johnson, also a Laker vice president, needs to divest ownership before he can represent players to avoid any possible conflicts. While he might head a management firm that hopes to handle entertainers as well as athletes, someone else will act as the official agent and handle contract negotiations.