Magic Johnson abruptly resigns as Lakers' president

Magic Johnson abruptly quit as the Los Angeles Lakers' president of basketball operations last night, citing his desire to return to the simpler life he enjoyed as a wealthy businessman and beloved former player before taking charge of this franchise just over two years ago.

Johnson didn't tell owner Jeanie Buss or general manager Rob Pelinka about his shocking decision before he announced it in front of reporters about 90 minutes before the final game of the Lakers' sixth consecutive losing season.

Los Angeles, which is missing the NBA playoffs yet again despite the offseason addition of LeBron James, played well after Johnson's announcement, but still lost 104-101 to Portland.