National Basketball Association

Report: Magic sells Starbucks franchises

Published Oct. 19, 2010 1:00 a.m. ET

foxsports

A day after selling his share of the Los Angeles Lakers, NBA legend Magic Johnson has sold his 105 Starbucks franchises back to the company, according to a source cited by the Los Angeles Times on Tuesday.

According to the report, the two sales were worth an estimated $100 million and were made because they were "good business decisions," not because Johnson is in financial trouble.

It is unclear whether the Hall of Famer is interested in pursuing another NBA franchise, the source said, but it appears certain Johnson wants to acquire something "in sports."

Since retiring, the 51-year-old has invested successfully in commercial real estate, health clubs and restaurants.