The LA Lakers are arguably one of the biggest sporting franchises on the planet. Since the NBA sealed a new media rights agreement valued at $77 billion over 11 years, evaluations of NBA teams have skyrocketed. Reports have emerged that the LA Lakers will sell the majority shareholding of the team to the LA Dodgers owner for a record-breaking $10 billion. The Buss family has owned the Los Angeles Lakers for 46 years and, through some smart marketing and great performances on the court, transformed the Lakers into an LA staple.
The Buss family legacy will live on in the NBA forever.
When Jerry Buss bought the LA Lakers way back in 1979, nobody could have foreseen the impact that the Lakers would go on to have in the NBA. Buss pioneered multiple changes to the live game event. He introduced the iconic Lakers Girls the same year he bought the team in an attempt to make the games more exciting and entertaining for the fans.
By doing so, Buss turned the league on its head, and the NBA game went from being a sporting event into an extravaganza of lights, dancing, and high energy from the crowd. Jerry Buss bought the team in 1979 for $67.5 million. Sadly, he passed away in 2013, handing the ownership of the Lakers to his six children.
What are the details behind the billion-dollar deal?
Following Jerry Buss’ death in 2013, the future of the management side of the Lakers was unclear. After some wheeling and dealing, Jennie Buss took control as the governor of the Lakers, ensuring the Buss family still maintained a grip on the organization’s direction. Los Angeles is a sporting city; it features several world-class sporting franchises in multiple sporting disciplines.
The new majority shareholder of the Lakers is none other than the LA Dodgers owner, Mark Walter. He also happens to own the Los Angeles Sparks, Premier League club Chelsea, and the Professional Women’s Hockey League. He is also making a venture into Formula 1 as the owner of the new Cadillac F1 team, due to make its debut next season. Walter has been part of the Lakers since 2021 as a minority stakeholder and has the right of first refusal on the majority share.
That means that when the Buss family was going to sell their majority share, Walter would get first choice at making an offer, which he did. Los Angeles Lakers legend Earvin “Magic” Johnson had the following to say on X:
“Mark Walter is the best choice and will be the best caretaker of the Laker brand. The proof is in the pudding on what he’s been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner, notching 2 World Series and 11 NL West divisional titles in the last 12 years!”
This deal has shocked the basketball and sports world, and the $10 billion price is the highest ever for a U.S. professional sports franchise. Luka Doncic took to X to share his thoughts, which may have revealed his plans for his future in the process. Luka tweeted:
“The Lakers are an amazing organization. I’m looking forward to meeting Mark and excited about the future. I am also grateful to Jeanie and the Buss family for welcoming me to LA, and I’m happy that Jeanie will continue to be involved. I look forward to working with both of them to win championships!”
Will the billion-dollar deal inspire the LA Lakers to glory next season?
The Lakers are keeping one eye on the trade market and one eye on training camp due to start soon. They had a less-than-ideal finish to the season that saw them put in some promising performances once Luka Doncic joined after the shocking trade that saw Anthony Davis go to Dallas. That has led to some questions, as the Lakers were weak in the paint in the playoffs this year. Some moves in the trade market might fix that problem. The Lakers are one of the biggest sporting franchises in the world, and we believe that this new deal will only help the organization to grow.
