Latest news with #Buss
USA Today
32 minutes ago
- Business
- USA Today
Brian Windhorst warns rest of NBA after sale of Lakers
Brian Windhorst warns rest of NBA after sale of Lakers "If I were another team, I would not think this is a great development. I think the Lakers are only gonna get more dangerous as an organization with the more resources that are theoretically here about to be poured into it." — Brian Windhorst 👀 — ClutchPoints (@ClutchPoints) June 19, 2025 No one can say with any certainty how much success the Los Angeles Lakers will have in the coming years now that a majority share of the franchise will be sold by the Buss family to Mark Walter. Walter, the CEO of Guggenheim Partners, has been the primary owner of the Los Angeles Dodgers since 2012, and under his leadership, the Dodgers have consistently enjoyed a high level of success that includes 11 National League West titles and two World Series championships. If nothing else, it is projected that the Lakers will not spare any expenses when going after the best men and women to fill numerous roles within the organization. For years, they have been criticized for being run like a mom-and-pop small business that has consistently pinched pennies. That approach has worked against them, most notably when super sub and fan favorite Alex Caruso left in free agency in 2021 and Tyronn Lue turned down their offer to be their head coach in 2019. NBA reporter Brian Windhorst said that this new ownership is good news for the Lakers — and bad news for the rest of the league. "If I were another team, I would not think this is a great development," Windhorst said. "I think the Lakers are only gonna get more dangerous as an organization with the more resources that are theoretically here about to be poured into it." Historically, the Lakers have been a big draw for some of basketball's greatest titans, including Shaquille O'Neal, Kobe Bryant and LeBron James, and they have always seemingly been able to trade for a Hall of Famer just when it has seemed that they were down and out. But now, presumably at least, money will not be an issue when looking to upgrade the roster or the rest of the organization. How exactly this apparent influx of capital will translate to personnel moves remains to be seen, but one has to reasonably expect a positive development in that regard.
News18
3 hours ago
- Business
- News18
Los Angeles Lakers To Be Sold At Record-Breaking $10 Billion Valuation: Report
Last Updated: The Los Angeles Lakers are reportedly being sold for $10 billion to Mark Walter, ending the Buss family's four-decade stewardship. In a moment that feels both historic and bittersweet, the Los Angeles Lakers are set to be sold at a staggering $10 billion valuation, shattering all previous records for the sale of a professional sports franchise. After more than four decades of family stewardship, the Buss family has agreed to sell its controlling interest in the Lakers to Mark Walter, CEO of TWG Global and principal owner of the Los Angeles Dodgers. The sale marks the end of an era in 1979, when Dr. Jerry Buss purchased the franchise and transformed it into a global powerhouse. Though control of the team is changing hands, Jeanie Buss — who carried her father's legacy forward after his passing — will remain deeply involved. She will continue in her role as team governor, according to AP. The precise share Walter is acquiring remains unclear. He was already part of a group that purchased 27% of the Lakers in 2021. What is certain, however, is that Jeanie Buss will retain at least a 15% ownership stake — the minimum required by NBA rules to remain team governor. Mark Walter, whose sports ventures already include the Dodgers, Premier League club Chelsea, the Professional Women's Hockey League, and several racing teams under TWG Motorsports — including Cadillac Formula 1 — brings with him a reputation for ambition, vision, and a deep respect for tradition. For Lakers guard Luka Doncic, the transition is a moment filled with both hope and gratitude. 'The Lakers are an amazing organization. I'm looking forward to meeting Mark and excited about the future," he wrote on social media Thursday. '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." Other Notable NBA Team Transactions In Recent History The cross-country rival Boston Celtics went for $6.1 billion just three months ago. With team values soaring, there have been a number of notable franchise transactions in recent years: Boston Celtics The Celtics, who won their record 18th NBA championship last year, went for $6.1 billion in March to private equity mogul Bill Chisholm. Phoenix Suns Mortgage executive Mat Ishbia purchased the team for a then-NBA record $4 billion in 2022. Dallas Mavericks Mark Cuban sold the NBA franchise in 2023 for $3.5 billion to the Adelson family, which owns the Las Vegas Sands casino company. Charlotte Hornets Michael Jordan agreed to sell his majority share in the NBA's Hornets in 2023 for $3 billion to Rick Schnall and Gabe Plotkin. Schnall had a minority ownership in the NBA's Atlanta Hawks, and Plotkin in the Hornets. (with agency inputs) First Published: June 20, 2025, 08:32 IST
USA Today
5 hours ago
- Business
- USA Today
ESPN report reveals how 'miserly' Lakers have been under Jeanie Buss
ESPN report reveals how 'miserly' Lakers have been under Jeanie Buss The ownership of the Los Angeles Lakers is changing hands. On Wednesday, the Buss family, which has owned the team since 1979, reportedly agreed to sell a majority share of it to Mark Walter, the CEO of Guggenheim Partners, for a valuation of $10 billion. While the Lakers have become one of the most prestigious sports franchises and brands under the Buss family's ownership, most of their success during that time came when the late Dr. Jerry Buss was their owner from 1979 to 2013. When Dr. Buss passed away in 2013, control was passed down to his children, and the Lakers have gone through many peaks and valleys since, with the valleys becoming more numerous than the peaks. A lot of the criticism of how the franchise has been run has centered around the perception that it has operated like a mom-and-pop small business, especially since the Buss family isn't particularly cash-rich. In fact, an ESPN report on Wednesday's sale outlined several concerning ways in which the team has pinched pennies. Many remember how it failed to hire Tyronn Lue to be its head coach in 2019 after Lue wanted a little more money and a longer contract. But the other examples of what ESPN called its "miserly traits" don't reflect well on how it has been run. One instance had to do with one of its assistant coaches. "An assistant coach was not approved to stay at the same hotel as the player he was traveling to work out with in the offseason because the room was too expensive," wrote Tim Bontemps and Dave McMenamin. Prior to the NBA lockout in 2011, a sizable number of team staffers and employees were laid off, including one longtime member of the front office. "Former assistant GM Ronnie Lester's contract was not renewed during the NBA lockout in 2011, a financial decision and one of many in a rash of layoffs or nonrenewals." Plus, in one move that resulted in lots of criticism, the Lakers asked for financial help from the government during the height of the COVID-19 pandemic through a program that was designed to help small businesses, not world-class sports franchises. "The team applied for federal relief through the Small Business Administration's Paycheck Protection Program during the COVID-19 hiatus. After considerable backlash, they later returned the $4.6 million to the government." As NBA teams started to utilize analytics more and more in recent years, the Lakers lagged behind. They were the only team in the league that wasn't represented at the Sloan Analytics Conference in 2013. That did start to change, however, last offseason, when they hired coach JJ Redick and Redick urged them to become more data-driven. Walter has owned a sizable chunk of the Los Angeles Dodgers since 2012. At the time, the Dodgers were a franchise that enjoyed plenty of success in the 1950s, 1960s, 1970s and 1980s but had fallen on hard times for roughly the previous 20 years. Under his ownership, they have won the National League West in 11 of the last 12 seasons, and they have won the World Series championship in 2020 and 2024. Walter built up the team's analytics department, hired standout front office people such as Andrew Friedman and spared no expense in acquiring former MVPs in their primes, such as Mookie Betts, Freddie Freeman and Shohei Ohtani. Lakers fans, by and large, are now optimistic that similar results could lie ahead for the Purple and Gold.
Straits Times
5 hours ago
- Business
- Straits Times
Explainer: Breaking down the Buss family's US$10 billion sale of Los Angeles Lakers
The Los Angeles Lakers are being sold in a record-breaking US$10 billion deal that makes the iconic franchise the highest-valued sports team in US history. PHOTO: AFP Explainer: Breaking down the Buss family's US$10 billion sale of Los Angeles Lakers The Buss family, architects of 11 National Basketball Association (NBA) championships, is poised to relinquish their four-decade reign over the Los Angeles Lakers, with ESPN reporting they are entering an agreement to sell a majority stake in basketball's most glamorous franchise. The following is the breakdown of the deal: WHAT IS AT STAKE? Lakers minority owner Mark Walter is set to take majority ownership in a deal valuing the Lakers at about US$10 billion (S$12.84 billion), making it the most expensive United States sports team valuation in history. The deal will end family control of the Lakers. The Buss family will retain a minority share of just over 15 per cent for a period of time after the deal, ESPN reported, bringing to a close its stewardship of a franchise that became synonymous with Hollywood allure and championship excellence. Reuters could not immediately ascertain what Walter's new stake in the team would be. He purchased a minority stake in the Lakers with Todd Boehly in 2021. The previous record for biggest sports deal was held by the Boston Celtics, who agreed in March to be sold for US$6.1 billion. WHO ARE THE LAKERS? The Lakers are one of the most storied franchises in National Basketball Association history. The team was valued at US$7.1 billion by Forbes in 2024, behind only the Golden State Warriors and New York Knicks in the NBA. They are the second-most successful NBA team with 17 championships. The Celtics have 18. Jerry Buss, who bought the Lakers for US$67.5 million in 1979, transformed them into one of the most well-known franchises in professional sports. The team won five championships during the celebrated "Showtime" era of the 1980s. The Lakers have LeBron James, arguably the league's biggest star, on their roster. They also snapped up Slovenian Luka Doncic in a high-profile trade with the Dallas Mavericks in February. WHO IS MARK WALTER? Walter is a 65-year-old American billionaire businessman who is CEO and chairman of holding company TWG Global. He is also CEO of investment firm Guggenheim Partners. Walter, whose net worth is listed as US$6.1 billion by Forbes, has owned the LA Dodgers baseball team since 2012. He is adding the Lakers to a sporting portfolio that includes stakes in the Cadillac Formula One team, the WNBA's Los Angeles Sparks and English Premier League football club Chelsea. WHO ARE THE BUSS FAMILY? Jerry Buss's 66 per cent stake in the Lakers was passed on to his six children via a family trust after his death in 2013. Buss died at the age of 80 due to kidney failure. His daughter, Jeanie, took over as principal owner after his death and is set to continue as team governor, maintaining a family connection to the purple-and-gold empire her father built. WHICH ARE SOME OTHER NOTABLE SPORTS DEALS? The Celtics set the previous benchmark in NBA sale valuations after agreeing to a US$6.1 billion sale to a group headed by private equity firm Symphony Technology Group co-founder William Chisholm in March. The National Football League's (NFL) Washington Commanders sold for US$6.05 billion in July 2023, in a deal that, at the time, was the biggest for a North American sports franchise. Also in 2023, British billionaire Jim Ratcliffe finalised a deal to acquire a minority stake in Manchester United that valued the English football club at US$6.3 billion. In 2022, former owner Roman Abramovich sold Chelsea to a consortium led by Boehly that included Walter, for about US$3.2 billion. WHEN IS THE LEAGUE EXPECTED TO FINALISE THE SALE? Final approval of the sale could take several months. The Celtics' sale has yet to receive final approval from the NBA Board of Governors. The Board is scheduled to meet in July in Las Vegas, though that session is expected to focus primarily on potential league expansion plans. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
USA Today
5 hours ago
- Business
- USA Today
Luka Doncic reacts on social media to sale of Lakers
Luka Doncic reacts on social media to sale of Lakers On Wednesday, the Buss family reportedly agreed to sell a majority share of the Los Angeles Lakers to Mark Walter for a valuation of $10 billion. Walter has owned a sizable chunk of the Los Angeles Dodgers for many years, and fans are anticipating that this transaction could lead to the Lakers having the type of sustained success the Dodgers, the defending World Series champions, have had in recent years. While Jeanie Buss, who has been the Lakers' governor for years, will remain in that role, it could mark a major shift as far as how they do business financially when it comes to personnel decisions. They have long been criticized for being run like a family-owned small business, but apparently, those days are now ending. One item on their to-do list this summer is to get Luka Doncic, the new face of the franchise, to sign some sort of long-term contract extension. He can opt out of his current contract next summer, and he can officially agree to an extension starting on Aug. 2 of this year. In the meantime, he seems happy with the change in team ownership, judging by a post he made on X (formerly known as Twitter). Doncic was sent to the Lakers by the Dallas Mavericks in a seismic trade that took place on Feb. 1. While many outside the Lakers' sphere of influence are still upset over the low price (Anthony Davis, Max Christie and one future first-round draft pick) L.A. paid, the Purple and Gold's championship window has been pried open, and it could remain ajar for many years to come.
