In a truly historic decision, the Los Angeles Lakers do not stink. This iconic NBA franchise recently acquired a new owner—Mark Walter and his consortium—for a dizzying valuation of $10 billion. Should this sale go through, it will mark the end of the Buss family’s historic ownership. Their story started way back in 1979 when Jerry Buss purchased the franchise for $67.5 million. The Buss family have maintained one of the tightest connections between a community and a franchise. They have done so with the longest active ownership tenure in the league.
Jerry Buss, chemist and Professor at the University of Southern California. He very cleverly used his value-added investments in real estate to fund his purchase of the Lakers. Under his guidance, the team transformed into a powerhouse, notably during the “Showtime” era characterized by fast-paced play and star players like Magic Johnson and Kareem Abdul-Jabbar. His teams captured four World Series titles in his time there. Chiefly, on the backs of Shaquille O’Neal and Kobe Bryant, they’re known for those championship runs in the 90s.
The Lakers have hoisted an incredible 17 championship banners. This title win cements their legacy alongside the greatest teams the game has ever seen. Their most recent success was in 2020, when they secured the trophy during their time spent in the NBA bubble in Florida. Most recently, they made it to the 2024 Western Conference finals, proving once again how competitive they are.
Following Jerry Buss’s death in 2013, his daughter Jeanie Buss took over as the team’s governor. She has had a formative hand on the going-forward roster. As the architect behind the landmark player acquisitions of LeBron James and Anthony Davis, her impact was felt. This means Jeanie Buss will remain as governor for the time being, even after the sale to Walter’s group. Governance stipulates that at least 15% of the team has to own governance, and she still exceeds that threshold.
Last year, Walter’s group purchased a 27% stake in the Los Angeles Lakers. Today, with their outright purchase, the full and exhilarating opening of a new chapter for this franchise is underway. That group is likely to spend aggressively to improve all of the competitive behind-the-scenes operations of the organization as well, ranging from scouting to player development.
“He does everything he can to provide resources, support,” – Roberts
Roberts said he’s heartened by the dedication of Walter’s group to strengthen the Lakers’ underpinnings. He wanted to underscore Walter’s commitment to victory. Walter knows that fans’ and the city’s expectations are high.
Jeanie Buss remarked on the significance of family ownership in sports, stating, “The majority of businesses in this country are family-owned businesses.” This outlook gets at the emotional bond that has traditionally colored the Lakers’ business, as operated under the Buss family.
Magic Johnson, an iconic figure in Lakers history, acknowledged Jeanie Buss’s careful consideration in choosing a buyer who would respect the legacy established by her father. He stated, “I know that my sister Jeanie would have only considered selling the Lakers organization to someone she knows and trusts would carry on the Buss legacy, started by her father Dr. Buss.”
The transition from family ownership to an investment group represents a significant shift in how the Lakers will operate going forward. Fans and analysts alike will be closely watching how Walter’s group implements their strategies and resources to maintain the Lakers’ competitive edge.
