Latest news with #JeanieBuss
Yahoo
7 hours ago
- Business
- Yahoo
The Buss family is selling a majority ownership stake of the Lakers
On Wednesday, during the latter stages of the NBA Finals, some huge news involving the Los Angeles Lakers has broken. According to Shams Charania of ESPN, the Buss family has agreed to sell a majority share of the Los Angeles Lakers to Mark Walter, who is CEO and chairman of diversified holding company TWG Global. However, Jeanie Buss, who has been the governor of the Lakers, will remain in her role. Advertisement Via ESPN: "The Buss family is entering into an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter for a franchise valuation of approximately $10 billion, sources told ESPN, the most ever for a U.S. professional sports team," Charania wrote. "The Buss family will keep a minority share of the team, just over 15%, for a period of time, a source said. "In addition, Jeanie Buss will remain the Lakers' governor and continue to run the team for 'at least a number of years,' sources with knowledge of the deal told ESPN's Ramona Shelburne. It was guaranteed as part of the agreement that Jeanie Buss would remain in charge for the foreseeable future, and Walter fully endorsed this plan, according to sources." The Buss family purchased the Lakers in 1979 from previous owner Jack Kent Cooke. At that time, Buss' father, the late Dr. Jerry Buss, became the owner of the team, and it went on to win the NBA championship the very next season. Four more world titles followed in the next eight seasons, transforming the Purple and Gold from the bridesmaid franchise it had been in the 1960s and 1970s into the gold standard of basketball. It won another five championships in an 11-season span starting in the 1999-2000 campaign with Kobe Bryant as its driving force, as well as an additional one in 2020 with LeBron James and Anthony Davis leading the way. Walter's TWG Global owns interests in several other sports franchises, including the Los Angeles Dodgers, who have won the National League West in 11 of the last 12 years and the World Series in two of the last five Major League Baseball seasons. He has owned a stake in the Purple and Gold since 2021. This article originally appeared on LeBron Wire: The Buss family is selling a majority ownership stake of the Lakers
USA Today
7 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.
The Star
10 hours ago
- Entertainment
- The Star
Factbox-Biggest deals for global sports teams
Jeanie Buss, President of the Los Angeles Lakers and executive producer, displays the 2020 NBA Championship Ring as she attends a premiere of the television series "Running Point" in Los Angeles, California, U.S., February 13, 2025. REUTERS/Mario Anzuoni/File Photo
Forbes
11 hours ago
- Business
- Forbes
Lakers Sale Makes NBA Expansion Even Hotter Topic Post-Finals
LOS ANGELES, CA - OCTOBER 31: Jeanie Buss attends a basketball game between the Los Angeles Lakers ... More and the Detroit Pistons at Staples Center on October 31, 2017 in Los Angeles, California. (Photo by) With the NBA due to crown its seventh different champion in seven years when the 2025 Finals conclude, expansion was already going to be at the top of the agenda, according to recent remarks from Commissioner Adam Silver. Salary cap machinations under Silver have pushed more parity for the NBA – something the league's still working on taking full advantage of from a media standpoint – so it only makes sense that opportunity is a selling point for prospective new owners in ways it may not have been previously. The newly announced sale of the Los Angeles Lakers, for a record $10 billion, would also do a lot to warm the NBA's existing owners to the idea. Not even 12 months ago, the going rate for an NBA team sale seemed to sit around $4 billion or so. Then the Boston Celtics sold for a then-record $6.1 billion, and now this Lakers deal ups the ante even further. It's not to say that the value of every NBA team is now $10 billion. But the Lakers selling for that price puts the potential out there, and increases the inherent value of the other 29 teams. The number also increases the expected expansion fee – which gets pocketed by the league and current owners – from something in the $5-6 billion range, to potentially much more. Expansion was already an enticing prospect for the NBA. Now? It's a no-brainer. For the NBA to add teams, owners need to recommend a formal expansion exploration, and they will almost certainly do so when they meet at the board of governors meeting in July. The league then meets with prospective ownership groups and cities, gets a better understanding of who has the finances and infrastructure (existing or planned) to make it happen, then starts making decisions. It's no secret to Silver that various markets and groups would like expansion teams. So while there will be a desire to hear all potential bids, the expansion fee likely narrows the list immediately and it's not like the league is unaware of the current frontrunners (by all accounts, Seattle and Las Vegas). Silver has said he wants to address 'underserved' markets with expansion. What might those be? That depends… SEATTLE, WASHINGTON - OCTOBER 10: A Seattle Sonics fan holds a sign before the Rain City Showcase in ... More a preseason NBA game between the LA Clippers and the Utah Jazz at Climate Pledge Arena on October 10, 2023 in Seattle, Washington. (Photo by) As U.S. pro sports have become absolutely ubiquitous across culture due to streaming, 24/7 coverage and the marketing dollars invested in these leagues, you could argue it's hard to find many 'underserved' markets or fans that don't already have allegiances in place. Even the NFL, for all its overwhelming financial success, hasn't added a truly 'new' market since 1995 (Charlotte, Jacksonville). The last three teams were all retread markets filling a void left by teams that relocated. For at least one of the teams the NBA will likely add, it seems like an obvious script to follow. Seattle SuperSonics fans have felt abandoned by the league for 17 years now, and no time more than these past couple weeks as the Oklahoma City Thunder (the one-time Sonics) knock on the door of their first championship in OKC. The Seattle area has the means and desire to support a team, and already proved they could. Plus, the arena's already built, assuming the team would play at ClimatePledge Arena, current home of the Kraken (NHL) and Storm (WNBA). After that, though? It gets trickier. There are retread U.S. markets like St. Louis (Hawks), Kansas City (Kings) and San Diego (Clippers), and you could argue all are currently 'under-served' by the NBA to an extent. Given the NBA's global focus, international expansion to somewhere like Vancouver (former home of the Grizzlies) or Mexico City also has upside. Current U.S. policies might present the most hurdles for both. But both markets could be seen as 'under-served' as well. Las Vegas is the leader for spot No. 2, but it's also not 'under-served' as an NBA market as it is, which is where Silver's comments could shed light on an atypical city selection. Just to play devil's advocate on Vegas: The NBA already has a large footprint in the city between annual Summer League showcases and the NBA Cup played there. It's effectively the league's West Coast headquarters without a team, and league functions there feel like an event because they're not in any team's home market. The once-plucky story of Vegas as a pro sports city is also gone at this point. It's a Golden Knights town that also happens to have the Raiders and soon, the Athletics. The NBA adding team No. 4 to the mix has questionable appeal on its face. All of this doesn't mean Vegas fails to get an expansion team. It's simply a reason why it may not be as much of a lock as many assume. No matter which cities the NBA eventually expands to, however, they'll be entering a new dynamic that must demand more of the league's media partners to prop up less-established franchises. The roster-building rules focused on parity are just part of it. To really reap the rewards of that open playing field, and expansion as well, league media has to find ways to market all 30 (32) teams, and not just the same handful of squads. Whether they're the Lakers or one of those expansion teams, they're all businesses worth well over $5 billion each now. If coverage reflects that, it'll lead to even more growth beyond that in the long-term. And any expansion group should be making those sorts of demands upon admittance.
Fox Sports
11 hours ago
- Business
- Fox Sports
Top 10 Richest Team Purchases: Lakers Sell for Record $10 billion
The family-owned Los Angeles Lakers are about to be sold at a valuation of $10 billion, smashing the previous record for the purchase price for a team sport. 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: Los Angeles Lakers The Lakers have been in the Buss family since 1979, but Jeanie Buss has agreed to sell the NBA's most valuable franchise to L.A. Dodgers owner Mark Walter. 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. Washington Commanders Josh Harris, who with David Blitzer owns the NBA's Philadelphia 76ers and NHL's New Jersey Devils, added to his sports portfolio in 2023 by purchasing the Commanders for a then-record $6.05 billion. Chelsea The English Premier League team went to a consortium fronted by Dodgers part owner Todd Boehly that also includes Walter in 2022 for $3.2 billion. Another $2.2 billion was pledged for infrastructure and associated teams. Denver Broncos The Walton-Penner ownership group led by Walmart heir Rob Walton bought the NFL team in 2022 for $4.65 billion. 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. New York Mets Steve Cohen completed one of the richest purchases of an MLB team in recent memory, acquiring the Mets for $2.4 billion in 2020. It marked a monumental shift for the Queens-based New York franchise as they had been under the control of the disgraced Wilpon family. Brooklyn Nets Joe Tsai purchased the Brooklyn Nets for approximately $2.5 billion in 2019. He paid a total of $3 billion, but that included acquiring the Barclays Center in the deal. He bought the team from previous owner Mikhail Prokorov. The Associated Press contributed to this report. Want great stories delivered right to your inbox? Create or log in to your FOX Sports account and follow leagues, teams and players to receive a personalized newsletter daily! recommended Get more from National Basketball Association Follow your favorites to get information about games, news and more
