South African-born billionaire Patrick Soon-Shiong is holding on to his minority stake in the Los Angeles Lakers, even as members of the family that controlled the basketball team for decades fight over whether to sell their remaining shares.
Soon-Shiong owns approximately 4% of the Lakers, an interest proportionally implied at $500 million by the franchise’s latest $12.5 billion valuation.
His family lawyer told ESPN on Thursday that the billionaire had no plans to sell and intended to remain an active partner under the incoming ownership.
The $500 million figure is not a disclosed offer for Soon-Shiong’s shares. It is obtained by applying his reported 4% interest to the $12.5 billion valuation attached to the proposed sale of the Lakers.
Minority stakes can sell at a discount because they may not provide control over management or major decisions. Soon-Shiong’s shares may therefore command more or less than their proportional value in an actual transaction.
