Does Magic Johnson Own Starbucks?

As of October 19, 2010, Magic Johnson no longer owns any Starbucks franchises. Prior to selling, Johnson owned interest in 105 Starbucks franchises. The sale was made a day after Johnson sold his 4.5 percent stake in the Los Angeles Lakers.

Combined, the two sales were worth over $100 million dollars to Johnson. It has been suggested that he made the sale not out of financial need, but because it was a good business decision. Financially, Johnson was doing well prior to the sale. Despite selling his Starbucks franchises back to the company, Johnson still assists Starbucks with their community development projects.