The Buss family has sold a controlling stake in the Los Angeles Lakers at a US$10 billion valuation, ending nearly a half-century of family ownership. Mark Walter, who already owned 27% of the team, is the buyer, leading a group with significantly more resources than the Buss family. This sale is expected to provide the Lakers with greater financial backing for player development and competitive team building.
After a whopping sale, the Los Angeles Lakers will no longer be the Buss family business
BusinessSports
AI Summary
TL;DR: Key points with love ❤️The Buss family has sold a controlling stake in the Los Angeles Lakers at a US$10 billion valuation, ending nearly a half-century of family ownership. Mark Walter, who already owned 27% of the team, is the buyer, leading a group with significantly more resources than the Buss family. This sale is expected to provide the Lakers with greater financial backing for player development and competitive team building.
Trending- 1 1979: Jerry Buss buys Lakers, Kings, Forum, and ranch.
- 2 2012: Walter's firm Guggenheim Partners buys Los Angeles Dodgers.
- 3 2013: Jerry Buss dies, Jeanie Buss succeeds him as governor.
- 4 2017 (February): Jeanie Buss fires Jim Buss, installs Magic Johnson and Rob Pelinka.
- 5 2020: Lakers win championship in Florida bubble.
- 6 2021: Mark Walter's group buys 27% of the Lakers.
- 7 Last winter: Lakers acquire Luka Doncic.
- 8 2024: Lakers reach Western Conference finals.
- 9 Wednesday (current article): Buss family sells controlling stake in Lakers to Mark Walter's group.
- End of Buss family's nearly half-century ownership of the Lakers
- Jeanie Buss becomes extraordinarily wealthy
- Lakers gain access to significantly more financial resources for team building
- Potential for increased competitiveness and championships
What: The Buss family sold a controlling stake in the Los Angeles Lakers to Mark Walter's group.
When: Wednesday (current article), 1979 (Buss family ownership began), 2012 (Dodgers sale), 2013 (Jerry Buss's death), 2017 (Jim Buss fired), 2020 (Lakers championship), 2021 (Walter bought 27% of Lakers), last winter (Doncic trade), 2024 (Western Conference finals).
Where: Los Angeles, Southern California, Hollywood, Florida (bubble).
Why: The Buss family decided to sell due to the increasing corporate nature of sports, skyrocketing franchise values, and the buyers' exponentially greater resources, which are expected to benefit the team's competitiveness.
How: Mark Walter, leading a group including Guggenheim Partners, acquired a controlling stake in the Lakers, ending the Buss family's long-standing ownership.