The Lakers were at the center of the NBA conversation once again this week — during an exciting ongoing Finals series — when it was revealed that the Buss family was selling its approximate 66% majority stake in the franchise to minority owner Mark Walter. Los Angeles was valued at $10 billion in the sale.
Bill Plaschke of The Los Angeles Times opines that Walter, who owns stakes in multiple other teams including the Dodgers, will give Los Angeles a more expansive trajectory moving forward — unencumbered by the financial constrictions or occasional cronyism that may have impeded the Lakers’ title pursuits of years past.
Plaschke predicts that, as was the case with MLB’s Dodgers, Walter will help modernize and build out L.A.’s infrastructure behind the scenes.
Vincent Goodwill of Yahoo Sports observes that, much in the same way the Lakers’ purchase in 1979 by late family patriarch Dr. Jerry Buss led to a massive sea change for the league at large, the Buss family’s departure from team control signals the end of another era.
There’s more out of Crypto.com Arena:
- Current Lakers governor Jeanie Buss was the guiding force to galvanize this record-smashing sale, ESPN insider Shams Charania said on the network’s “The Pat McAfee Show” (Twitter video link). Charania added that the Buss family trust, split between the six children of the departed Dr. Buss, will still hold a significant stake in the team for at least a while. “The Buss family will have just over 15% of the minority share for a period of time,” Charania said. “Jeanie Buss will stay on as the governor for a period of time after this sale… My understanding is that Jeanie Buss really drove this sale of the Lakers.”
- Unlike when a similar situation played out with former Mavericks majority owner Mark Cuban, Jeanie Buss’ short-term continued role as Lakers governor has been defined in a written agreement, ESPN’s Ramona Shelburne told ESPN Radio Los Angeles’ Clinton Yates (Twitter video link, h/t to RealGM for the transcription). “It’s in writing,” Shelburne said. “Mark Cuban did not get his role in writing. Jeanie Buss’ is in writing. That’s part of the deal. She’s staying on for the foreseeable future to run the team. There’s going to be a great continuity in this transfer of ownership.” Cuban said ahead of the Mavericks’ sale that he’d remain in his governor role, but that didn’t end up happening.
- The league at large has weighed on the Lakers’ blockbuster sale, according to Tim Bontemps and Dave McMenamin of ESPN. “This is a good move,” an NBA source told ESPN. “The Lakers can finally be run like a real business.” As Bontemps and McMenamin note, the franchise was revenue-dependent under the Buss family. Now, it’s just another investment for the far wealthier Walter. “Most of these owners now, this is a part of their portfolio,” an executive said. “It’s not the only thing in their portfolio.”