Largest sale of pro sports team in history
For the first time in more than 45 years, a member of the
Buss family will not be the majority owner of the Los Angeles Lakers.
According to multiple reports, the Buss family, led by the
team’s primary caretaker Jeanie Buss, has agreed to sell the majority ownership
stake in the team to the principal owner of the Los Angeles Dodgers for $10
billion, the largest sum ever paid for any sports franchise in the world.
The new majority owner of the team will be Mark Walter, CEO
of TWG Global, a conglomerate with various financial business interests, as
well as ownership in several of the world’s most valuable sports franchises.
Walter had a minority ownership stake in the team for
several years, but will now assume primary ownership of one of the world’s most
recognizable and important sports brands.
Jeanie Buss will remain in her current role as the team’s
governor, serving as the chief decision-maker for the time being, according to ESPN.
The Lakers were purchased in 1979 by Jerry Buss, the family
patriarch, who leveraged his vast real estate holdings to buy the beleaguered
team at a nadir in its relevance and profitability.
Buss paid former owner Jack Kent Cooke $67.5 million for the
Lakers, the Los Angeles Kings NHL team, and the Forum in Inglewood.
In the decades that followed, Jerry, alongside important
figures such as Phil Jackson, Jerry West, and Pat Riley, transformed the
franchise into a global powerhouse and one of the most successful sports
franchises in North America.
The team has achieved consistent success under the Buss
family’s stewardship, including ten NBA Titles under Jerry Buss and an 11th
under the current regime.
The Lakers have collected stars under the Buss ownership
period, including Kareem Abdul-Jabbar and Magic Johnson of the “Showtime
Lakers” era, Shaquille O’Neal, Kobe Bryant and Pau Gasol in the 2000s
renaissance period, and the current roster which includes the league’s all-time
leading scorer LeBron James and Luka Doncic, one of basketball’s greatest young
stars.
While having near-unprecedented success in one of the
nation’s most desirable markets, the Buss family was one of the less
financially powerful ownership groups in the NBA, with the vast majority of
their fortune coming from the value of the team itself.
Walter, meanwhile, is a multibillionaire with vast financial
resources at his disposal. Lakers fans are already salivating at the thought of
a new, aggressive owner with money to burn taking the reins of the team as NBA
free agency is set to open in the coming weeks.
The NBA Draft takes place on June 25-26, and the free agency
signing window opens at 9 a.m. on July 6.
Walter also has ownership interests in the Los Angeles
Sparks WNBA team and a Formula 1 racing team.
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