Earvin "Magic" Johnson has sold his share of the Lakers to Dr. Patrick Soon-Shiong, according to the team.
The transaction price of Johnson's share of the team is undisclosed.
"The sale of Earvin's share of the team is a business decision which will not change our relationship," owner Jerry Buss said in a statement.
"Our friendship goes well beyond business. Patrick is a long-time and passionate Lakers fan and we are delighted to have him as a partner."