Tag:Dr. Patrick Soon-Shiong
Posted on: September 22, 2011 4:58 pm
Edited on: September 22, 2011 5:01 pm
 

NBA owners make Forbes 400 richest Americans list

Posted by Ben Gollivernba-lockout

When the ongoing NBA lockout is framed as a battle between billionaire owners and millionaire players, it's often not an exaggeration.

Forbes.com released its annual list of the 400 wealthiest Americans this week, and more than a dozen NBA owners and minority owners appeared on the list, among the new school technology geniuses and old money investment titans.

The NBA's richest individual owner, according to Forbes, is Portland Trail Blazers owner Paul Allen, who co-founded Microsoft with Bill Gates, the overall richest No. 1 ranked person on the list. Allen's net worth is reported as $13.2 billion and he ranks No. 23 overall on the list. He recently decided to sell one of his private islands.

Somewhat incredibly, Allen is more than twice as rich as the next individual NBA team majority owner. In second place is Amway co-founder Richard DeVos, owner of the Orlando Magic, who is ranked No. 60 with a net worth pegged at $5 billion. 

Rounding out the top five richest individual NBA owners are Miami Heat owner Micky Arison (No. 75, $4.2 billion, Carnival Cruises), Denver Nuggets owner Stan Kroenke (No. 107, $3.2 billion, Walmart) and new Detroit Pistons owner Tom Gores (No. 159, $2.5 billion private equity). The Nuggets are operated by Kroenke's son, Josh.

The other seven NBA majority owners on the list are: Dallas Mavericks owner Mark Cuban (No. 171, $2.3 billion), Minnesota Timberwolves owner Glen Taylor (No. 242, $1.8 billion), Indiana Pacers owner Herb Simon (No. 273, $1.6 billion), Cleveland Cavaliers owner Dan Gilbert (No. 293, $1.5 billion), Memphis Grizzlies owner Michael Heisley (No. 293, $1.5 billion) Los Angeles Clippers owner Donald Sterling (No. 293, $1.5 billion) and new Philadelphia 76ers owner Joshua Harris (No. 309, $1.45 billion).

Los Angeles Lakers minority owner Dr. Patrick Soon-Shiong, who recently purchased the ownership stake previously held by Lakers legend Magic Johnson, ranked No. 39 with a net worth of $7 billion. 

Hat tip: IAmAGM.com.
Posted on: October 18, 2010 3:58 pm
Edited on: August 14, 2011 7:54 pm
 

Magic Johnson sells Lakers stake

Los Angeles Lakers legend Magic Johnson has sold his ownership stake in the franchise to a billionaire doctor.
Posted by Ben Golliver


The Los Angeles Lakers have announced today that franchise legend Magic Johnson, who helped guide the Showtime dynasty, has sold his ownership stake in the team. Take it away, press release.
Los Angeles Lakers legend and part-owner Earvin “Magic” Johnson has sold his share of the team to Dr. Patrick Soon-Shiong, it was announced today. The transaction price of Johnson’s share of the team is undisclosed.
Lakers majority owner Dr. Jerry Buss had this comment on the transaction: “The sale of Earvin’s share of the team is a business decision which will not change our relationship. Our friendship goes well beyond business. Patrick is a long-time and passionate Lakers fan and we are delighted to have him as a partner.”
The move ends ten years of ownership for Johnson, who has served the Lakers as a player, coach and minority owner during his more than three decades of affiliation with the organization. While Dr. Soon-Shiong, the billionaire founder of the cancer-fighting company Abraxis BioScience , isn't a household name like Johnson, he's not without his own degree of fame and notoriety. This Forbes profile from 2003 paints an interesting picture.
Dr. Patrick Soon-Shiong has been called ruthless and a headline-grabber. As a scientist he has been criticized for hyping his research results; as a drugmaker he has been accused of ripping off investors. Short-sellers have boldly bet against him, risking huge losses. Even his own brother, an early backer, sued him for fraud and fired him--twice--from the company they started. Their skirmishing lasted two years and destroyed their relationship. 
Yet Soon-Shiong, chairman and controlling shareholder of publicly held American Pharmaceutical Partners, endured the blows and has been largely exonerated--in the meantime, rising to billionaire status. Credit his immovable faith in the promise of an experimental cancer treatment dubbed Abraxane.   
He was ranked No. 87 of Forbes's 2009 list of the world's billionaires and his Wikipedia page is pretty mind-blowing.
 
 
 
 
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