Magic Buys Piece of the Rock : New Laker Executive Now Owns About 5% of the Team

He has been the star.

He has been the coach.

Now meet Magic Johnson, part owner and vice president of the Lakers.

The deal that had been imminent since last week was announced Monday, sources saying Johnson will pay between $10 million and $15 million for about 5% of the Lakers once the sale is given routine approval by the NBA.

Johnson said he will continue to play with his touring basketball team and maintain outside business interests.

“I’m just happy to have whatever that percentage is,” he said. “This is just a great day for African-American people as well as myself, athletes in general. This is what it’s all about. Whatever (the percentage) is, it’s more than we had yesterday.”

Johnson said owner Jerry Buss will still pay him $14.6 million next season from a previous contract extension and that this deal is not in lieu of that money. They also have talked about going in together to buy a team in another sport, and Johnson does not rule out the possibility of some day buying more of the Lakers. “We’ll sit down and talk about that later down the line,” he said.

Said Buss: “I am pleased that Earvin’s desire for ownership has been realized and welcome him to our management staff. His energy, enthusiasm and love of the Lakers cannot but help make our organization stronger.”

Johnson’s responsibilities as vice president will range from continued opinions on player matters to working with the marketing department to lure and maintain sponsors, to stressing to current Lakers that it is important to have a role in the community.

Johnson is the second person outside of the Buss family to buy into the Buss-owned Lakers. Cable television executive Bill Daniels reportedly also has 5%.