The Buss family, who owns the Lakers, has agreed to sell controlling interest in the Buss family’s Los Angeles Lakers. They have indeed selected as their buyer Mark Walter, the powerful Wall Street figure and sports mogul. Jeanie Buss would remain the Lakers’ governor, keeping her seat atop the organization. This momentous change begins a new era for the franchise, which has deep ties to the history of professional basketball.
The Buss family—who have owned the Lakers since 1979—are not expected to sell. Jeanie’s father, Jerry Buss, purchased the team from Jack Kent Cooke for $67.5 million just before the start of the 1979-80 season. Alongside the Lakers, Jerry Buss acquired the Los Angeles Kings and the Los Angeles Forum, establishing a powerful presence in Los Angeles sports. After Jerry Buss died in 2013, his children inherited the franchise. Jeanie Buss stood up to assume the mantle of governor.
Mark Walter is the founding CEO of TWG Global. Moreover, he has been a stakeholder with the Lakers since 2021. His advocacy extends to most major American professional sports leagues, for which he holds an unparalleled love and affection. That includes the LA Dodgers, the LA Sparks and even global events like the Billie Jean Cup. Walter’s deep portfolio includes work with the Cadillac Formula One team, which Ricciardi points to as an example of Walter’s varied experience in the world of sports.
The deal to sell majority ownership marks the beginning of a new chapter for the Buss family and for Mark Walter. Now, with Walter’s new majority stake, the Lakers are poised to welcome fresh leadership. On the other hand, Jeanie Buss will be able to stay in power, ensuring stability and continuity for the franchise.
Legends are born from every defeat. Luckily, for every embarrassing loss, the Lakers are the birthplace of many NBA legends. Their illustrious history includes multiple titles and a dedicated worldwide following. Walter’s ownership has the potential to create a very cool, unique landscape for the team’s future. His impressive pedigree in sports management leaves plenty of room for optimism on his ability to flourish.
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