A New Era for the Lakers: Buss Family Sells Majority Stake
In a jaw-dropping twist that has reverberated through the basketball world, the famed Buss family has decided to part ways with its controlling stake in the iconic Los Angeles Lakers after nearly five decades at the helm. A report initially shared by ESPN’s Shams Charania today revealed that Mark Walter, CEO and chairman of TWG Global and minority owner since 2021, has officially taken the reins, with the franchise being valued at a staggering $10 billion—the largest sale in professional sports history.
A Legacy Built on Dreams
Jerry Buss’s journey began in 1979 when he purchased the Lakers, the Los Angeles Kings, and a sprawling 13,000-acre ranch from Jack Kent Cooke for just $67.5 million. Fast forward to today, and the Buss family has certainly reaped the rewards of their visionary investment. After almost 46 years of guiding the Lakers to unparalleled success and global prominence, the family will retain a 15% stake in the team that has become a household name.
Mark Walter Takes Charge
A seasoned player in the world of sports ownership, Walter also claims the Los Angeles Dodgers and has expanded his portfolio to include a women’s hockey team and even the Andretti Cadillac Formula 1 team. His arrival marks a new chapter in the Lakers’ storied history, especially with major transitions on the horizon, including LeBron James’ anticipated farewell tour.
With whispers of international superstar Luka Dončić joining the ranks, the timing couldn’t be more strategic. "This isn’t just a business transaction," said a source close to the deal. "It’s about maintaining the Lakers’ legacy while also securing its future in an ever-evolving league."
Jeanie Buss: A Steady Hand
Despite the major change, Jeanie Buss will remain as the team’s governor, ensuring the management maintains continuity amidst this seismic shift. While the deal awaits official NBA approval, insiders expect it to sail through, signaling not only a transformative phase for the Lakers but also a robust future for one of basketball’s most illustrious franchises.
A Historic Sale
This monumental sale overtakes that of the Boston Celtics, who were sold earlier this year for $6.1 billion, further cementing the Lakers’ status not just as a sports franchise but as an cultural institution. As the dust settles on this historic transaction, fans and analysts alike are eager to see how Walter’s vision will shape the Lakers in the years to come.
The Lakers’ story continues, and this latest chapter promises to be as thrilling as those preceding it. Only time will tell if Mark Walter can keep the purple and gold shining brightly in the relentless spotlight of the NBA.
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