Starbucks buys out Magic Johnson
Oct 21, 2010, 6:42 PM | Updated: Mar 28, 2011, 3:46 pm
In a deal worth an estimated $73 million, Starbucks has bought Earvin Magic Johnson’s interest in 105 coffee shops.
Johnson has been a quiet partner with Starbucks for 12 years, but Thursday the company acquired his interest in “Urban Coffee Opportunities.” The stores are located in Seattle, Los Angeles, New York, Chicago and a few other cities.
This week, Johnson also sold his small share of the Los Angeles Lakers NBA team and reports indicate that Johnson might be gathering funds to bring an NFL team to LA, or buy another professional sports franchise.
