Buss Family to Sell Majority Stake in Los Angeles Lakers

Strategic Insights -

The Buss family, owners of the Los Angeles Lakers, are set to sell a majority stake in the NBA team to Mark Walter, the CEO and chair of TWG Global, for a reported $10 billion valuation. This significant deal marks the end of an era for the influential family, who have been at the helm of the Lakers since Jerry Buss purchased the team in 1979. The late Jerry Buss, along with his daughter Jeanie Buss, led the team to numerous successes, including five championships during the iconic "Showtime" era. Jeanie Buss, who took over as principal owner after her father's passing in 2013, will remain as governor of the team following the sale.

Key Takeaways:

  • The Buss family is selling a majority stake in the Los Angeles Lakers to Mark Walter's TWG Global for a reported $10 billion valuation.
  • This deal marks the end of an era for the Buss family, who have been owners of the Lakers since 1979.
  • The late Jerry Buss purchased the team for $67.5 million in 1979 and led it to numerous successes, including five championships during the "Showtime" era.
  • Jerry's daughter, Jeanie Buss, took over as principal owner after his passing in 2013 and has remained a key figure in the team's operations.
  • Jeanie Buss will stay on as governor of the team after the sale.
  • Mark Walter is also the primary owner and chair of the Los Angeles Dodgers of Major League Baseball and the Los Angeles Sparks of the WNBA.
  • The Lakers have seen mixed success in recent years, including winning the 2020 NBA title with LeBron James and making a blockbuster trade for Luka Doncic this year.

Statistics:

  • The Lakers were purchased by the Buss family in 1979 for $67.5 million.
  • Jerry Buss led the team to five championships during the "Showtime" era.
  • Jeanie Buss took over as principal owner of the Lakers in 2013.
  • The Lakers won the 2020 NBA title with LeBron James.
  • The team made a blockbuster trade for Luka Doncic this year.
  • Mark Walter's TWG Global will take a majority stake in the Lakers for a reported $10 billion valuation.

Sources:

  • [Reuters]
  • [ESPN]