In a groundbreaking move, the Buss family has decided to sell a controlling stake in the Los Angeles Lakers for an astonishing franchise valuation of $10 billion. This monumental decision marks the conclusion of nearly 50 years of ownership by one of the most iconic families in sports, an era characterized by the unique dynamics of an eccentric father and his sometimes squabbling children. Under the leadership of the high-living playboy Jerry Buss and his daughter Jeanie Buss, the Lakers transformed into a glamorous and captivating franchise, akin to a quirky family business that has thrived for two generations.
As the landscape of professional sports has evolved into a more corporate and monolithic approach in the 21st century, the values of franchises have soared. Wealthy magnates have increasingly seized control of this lucrative industry, yet the Lakers, adorned in their gold uniforms and boasting 17 championship trophies, have remained uniquely tied to the Buss family. “The majority of businesses in this country are family-owned,” Jeanie Buss shared in a candid interview with NPR earlier this year. “And everybody has a family. If you’re in business with them, disagreements happen. But at the end of the day, what brings you together is the team or the business, and you want to build something successful.”
Since their acquisition in 1979, the Buss family has maintained the longest active ownership tenure in the NBA. However, Mark Walter's recent acquisition signals a significant shift in the franchise's future. A source familiar with the agreement confirmed the details to The Associated Press, although neither party has officially announced the deal. This sale is poised to significantly enrich Jeanie Buss, one of Jerry Buss's seven acknowledged children and a seasoned employee within his sporting enterprises.
Many Lakers fans are celebrating this sale, knowing that the new owners possess considerable resources far surpassing those of the Buss family. Mark Walter, who previously acquired a 27% stake in the Lakers in 2021, has garnered a stellar reputation in Southern California, particularly for his stewardship of the Los Angeles Dodgers. Under Walter's leadership, the Dodgers have become perennial World Series contenders, marked by bold financial decisions and effective organizational planning.
"He’s really committed to the city of Los Angeles in various ways, and sports is something that he’s very passionate about," said Dodgers manager Dave Roberts. "He’s going to do everything he can to produce a championship-caliber team every single year and ensure the city feels proud about the Lakers and the legacy that they’ve built with the Buss family."
During the Buss era, the Lakers attracted top talent by leveraging their championship legacy, idyllic Los Angeles location, and the familial intimacy of their organization. While these factors contributed to their success in previous decades, Walter's group represents a modern, financially robust approach to sustaining championship aspirations. With Guggenheim Partners managing approximately $325 billion, Walter is well-equipped to invest in scouting, player development, and other competitive avenues crucial for building a team that aligns with the Lakers' prestigious brand.
Before the sale, the Buss siblings were not perceived as particularly affluent in comparison to typical team owners. Jeanie Buss has occasionally hesitated to make costly decisions—much to the chagrin of Lakers fans—highlighting the limitations of the team's infrastructure. The new ownership's wealth could eliminate financial constraints, especially in the current salary cap environment.
Magic Johnson emphasized the importance of trust in this transition, stating, “I know that my sister Jeanie would have only considered selling the Lakers organization to someone she knows and trusts would carry on the Buss legacy, started by her father Dr. Buss.” He expressed confidence in Walter's ability to honor the Lakers' heritage while striving for excellence.
This sale reflects a striking symmetry with the original acquisition made by Jerry Buss 46 years ago when he purchased the Lakers for a mere $67.5 million. Buss, a chemist and USC professor, leveraged his real estate investments to build a vibrant basketball franchise, culminating in the legendary Showtime era with stars like Magic Johnson and Kareem Abdul-Jabbar. Over his 34 seasons, Buss led the Lakers to 16 NBA Finals appearances and 10 championship victories.
Jeanie Buss took over as Lakers governor following her father's death in 2013. Although her brother Jim once led basketball operations, Jeanie has since taken the reins, making strategic changes that have revitalized the franchise. The Lakers won the 2020 championship and are currently poised for another strong season, featuring star players like LeBron James and Anthony Davis.
While Jeanie Buss has yet to publicly disclose her motivations for selling her inheritance, she remains the Lakers' governor for now, as ownership regulations require a minimum stake. This trend of high-profile NBA owners transferring control to investment groups with deeper pockets continues, reflecting the evolving landscape of professional sports ownership.
As the Lakers prepare for this new chapter, fans and analysts alike will be watching closely to see how the franchise navigates this transition and continues its storied legacy in the world of basketball.
