Magic IIRC is already a part-owner of the Lakers along with the Bus family as of 5-10 years ago. I don't see him selling out of the Lakers to buy the Clippers, especially as a Lakers legend.
As for the valuation of the Clippers, their primary value is that they're part of a highly successful league with huge TV revenues. While they're in a first class facility in one of the world's major media markets, the truth is that they'll always be second class citizens here behind the Lakers, who are certainly a national brand and likely as close to a worldwide brand as basketball has. The Clips' actual market is probably more on the order of a regional team like Cleveland or Atlanta than "Los Angeles".
Funny, they started out as the Buffalo "Braves" which would probably be a controversial name today if it has remained in Buffalo.
Sterling would have done well to try to create a real rivalry with the Lakers but they have been so bad for so long that it's on the order of UT vs Rice or something of that nature, it's certainly no Cubs-Chisox.
Clippers fans have been saddled with mismanagement for years and years, he could have been removed for that years ago, there is no worse franchise. I agree there is no reason for a Magic to want to get involved in that much less take on his beloved Lakers.
The Clips play in an arena where they have to cover up their co-tenants' banners for crying out loud. And how many Clippers banners of any kind are there? It's truly pathetic.
44 seasons, two division crowns (none before last year), .382 win %, 10 playoff appearances never going further than the quarters (conference semis), hold the league record for most losses in a season.
http://www.basketball-reference.com/teams/LAC/
I'd say just send the team to a city that wants NBA basketball - Seattle, KC, St. Louis, Vancouver, Cincy, anywhere - and get new ownership in the process. They almost need a whole new city, ownership, colors, logo, name, everything to wipe away what has got to be the worst history in any pro sport anywhere. This is just the final bone thrown on the garbage heap.