The Buss family, long-time owners of the Los Angeles Lakers, is reportedly set to sell their majority stake in the franchise to Mark Walter, the owner of the Los Angeles Dodgers. This transaction, valued at about $10 billion, marks a significant moment in the history of professional sports team sales in the United States, as reported by ESPN and the Associated Press on June 18. The Lakers have been under the ownership of the Buss family for nearly 50 years, making this decision a momentous one in the realm of sports business.
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Mark Walter, the CEO of Guggenheim Partners, has a notable presence in the world of sports ownership, with interests in various professional sports organizations. Under this deal, Jeanie Buss, the president and controlling owner of the Lakers, will continue her role as the Lakers governor. The Buss family will maintain a minority share of just over 15% for a period of time, keeping them connected to the team they have been associated with for decades.
The legacy of the Lakers spans over multiple generations of basketball legends, with superstars like Kareem Abdul-Jabbar, Magic Johnson, Kobe Bryant, Shaquille O’Neal, and LeBron James gracing the team’s roster over the years. The franchise has an illustrious history, clinching a total of 17 NBA Finals championships, with 11 of them secured during Jerry Buss’ tenure as the team owner. The Buss family’s ownership of the Lakers for 46 years stands as the longest among all current NBA franchises.
Following Jerry Buss’s passing in 2013, control of the team was transferred to his children, with Jeanie Buss assuming the role of governor. The sentiment of unity and family within the Lakers organisation is evident from the hands-on approach that Jeanie has adopted towards the team. Her commitment to the mental well-being of the players and staff was highlighted in a 2023 interview, reflecting a holistic approach to team management and care.
Former Lakers player Magic Johnson expressed his support for the sale, praising Jeanie Buss for her negotiation skills and endorsing Mark Walter as a fitting choice to carry forward the Lakers’ winning tradition. Walter’s successful track record in sports ownership, particularly with the Los Angeles Dodgers, underpins Johnson’s confidence in the upcoming transition. The synergy between the two Los Angeles sports franchises under common ownership could lead to exciting collaborations and opportunities in the future.
The sale of the Lakers to Mark Walter represents a new chapter in the team’s storied history, signalling a shift in ownership dynamics while retaining a link to its past through the continued involvement of the Buss family in a reduced capacity. With a deep-rooted legacy of success and a roster of iconic players, the Lakers’ future under new ownership holds promise for continued excellence on and off the court. As fans eagerly await the next phase of this transition, the enduring spirit of the Lakers franchise remains resilient, anchored in a rich tapestry of sporting achievements and cultural significance.