Lakers Minority Owner Patrick Soon-Shiong Confirms He Will Retain Stake

Amid ongoing discussions about ownership changes within the Los Angeles Lakers, minority owner Patrick Soon-Shiong has decided to retain his stake in the franchise. Soon-Shiong, who owns 4% of the team, purchased his shares in 2010 from Magic Johnson.

Chuck "Tiger" Kenworthy, the attorney representing Soon-Shiong, stated that the owner is not considering selling his shares. He expressed enthusiasm about the Lakers' future and indicated that Soon-Shiong will continue to be an active partner alongside other notable figures involved in the team.

Kenworthy emphasized the commitment of Soon-Shiong and his family to the Lakers, stating, "We love the Lakers. We believe in the future of the Lakers and the championship years they are going to have. And we believe they are still undervalued."

The Lakers are currently surrounded by speculation regarding their overall valuation, which some estimates place at over $12.5 billion. If Soon-Shiong were to sell his stake, it could potentially yield him a significant profit, although he appears content to maintain his investment.

Known for his contributions to cancer research and treatment, Soon-Shiong has a net worth exceeding $15 billion, allowing him the financial freedom to hold onto his minority stake in the team without pressure to sell.