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.