Magic Johnson said he believes the Lakers can turn things around in 3-5 years.
Magic Johnson will no longer be listed in Lakers staff directory as an honorary vice president.
Magic Johnson now appears to be interested in buying the Los Angeles Clippers.
Magic Johnson tweeted on Monday that he is not interested in buying the Clippers, contrary to a report from Yahoo! Sports' Adrian Wojnarowski.
Magic Johnson is reportedly interested in buying the Clippers from owner Donald Sterling.
Magic Johnson will stay on as Lakers' vice president despite selling his minority ownership stake.
Magic Johnson sold his minority stake in the Lakers on Monday, possibly setting the table for a purchase of the Pistons.