Buss Family Makes Waves with $10B Lakers Sale
The recent sale of the Los Angeles Lakers has sent shockwaves through the NBA, marking a significant chapter in sports ownership. The Buss family, despite some internal controversy, is finding much to celebrate with the conclusion of this historic transaction.
A Historic Deal
The family officially agreed to sell a majority stake in the Lakers over the summer, culminating in a staggering franchise valuation of approximately $10 billion. This sale is not just noteworthy for its dollar amount; it shatters previous records for U.S. professional sports teams. The deal, finalized with billionaire Mark Walter, positions the Lakers as an even more valuable asset in the world of sports.
Financial Windfall for the Siblings
While navigating the complexities of family dynamics, the six Buss siblings will each emerge with nearly $1 billion following the sale. This financial boon comes even as Jesse and Joey Buss, who dedicated over a decade to various roles within the team’s front office, were recently relieved of their duties. Despite this shake-up, the siblings can celebrate their newfound wealth, a significant outcome from the sale.
Retaining a Stake in the Future
In a strategic move, the Buss family will retain a 15 percent stake in the franchise. Jeanie Buss, who has been a prominent figure in the organization, will continue her role as team governor for at least another five years. This arrangement allows the family to maintain a connection to the team they have long cherished while also benefiting from the financial rewards of the sale.
The Lakers’ ownership transition signals a new era for the franchise, one that blends legacy with the promise of future growth. As the family cashes in on this monumental deal, the ripple effects will undoubtedly be felt across the league, as the NBA landscape continues to evolve.
