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Straits Times
21 hours ago
- Business
- Straits Times
Explainer-NBA-Breaking down the Buss family's sale of LA Lakers at $10-billion valuation
Jeanie Buss, President of the Los Angeles Lakers speaks during the permanent placement of late Kobe Bryant's handprints and footprints in the forecourt of the TCL Chinese Theatre in Hollywood, Los Angeles, California, U.S., March 15, 2023. REUTERS/Mike Blake/File Photo Explainer-NBA-Breaking down the Buss family's sale of LA Lakers at $10-billion valuation The Buss family, architects of 11 NBA championships, is poised to relinquish their four-decade reign over the LA 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 $10 billion, making it the most expensive U.S. 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% 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 $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 $7.1 billion by Forbes last year, 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 $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 $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 soccer club Chelsea. WHO ARE THE BUSS FAMILY? Jerry Buss's 66% 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 $6.1-billion sale to a group headed by private equity firm Symphony Technology Group co-founder William Chisholm in March. The NFL's Washington Commanders sold for $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 soccer club at $6.3 billion. In 2022, former owner Roman Abramovich sold English soccer club Chelsea to a consortium led by Boehly that included Walter, for about $3.2 billion. WHEN IS THE LEAGUE EXPECTED TO APPROVE AND FINALISE THE LAKERS 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.
The Irish Sun
2 days ago
- Business
- The Irish Sun
LA Lakers owner Jeanie Buss agrees to sell NBA team for $10 BILLION in shock announcement
A FIVE-DECADE sports dynasty is ending at the Los Angeles Lakers as the team is being sold for a staggering $10 billion. The Buss family is offloading their majority ownership in the team after 46 years and multiple national titles. Advertisement 7 Jeanie Buss owns the LA Lakers and is selling it for around $10 billion Credit: Getty 7 Jeanie Buss talks to LA Lakers superstar LeBron James courtside Credit: X 7 Buss' dad Jerry purchased the team in 1979, and passed it to her when he died Credit: Getty It is being purchased by LA Dodgers owner Mark Walter, He is the CEO of diversified holding company TWG Global and also has stakes or majority ownership of multiple other sports franchises. Jeanie Buss, who has been the face of the family's ownership since 2013, will still continue in her role as Lakers governor. The $10 billion deal is the largest sale ever of a professional sports team in the world. Advertisement READ MORE ON THE LAKERS Walters also owns the MLB giants and World Series-winning Dodgers. He also has stakes in the Los Angeles Sparks and the Billie Jean King Cup. His portfolio also includes the Cadillac Formula One team and the Professional Women's Hockey League. Walters also has shares in Premier League soccer giants Chelsea. Advertisement Most read in Basketball The LeBron James-led Lakers have been owned by the Buss family since 1979. Patriarch Jerry Buss purchased the franchise for a relatively paltry $67.5 million at the time. LeBron James drops major retirement hint as NBA legend mulls over future at the LA Lakers That was the equivalent of around $315 million today. The move also included the Los Angeles Kings and the LA Forum. Advertisement Buss passed it down to his children when he died in 2013. His daughter Jeanie has been governor ever since. 7 She has had a highly successful tenure ever since and became the first woman to ever lead an NBA championship team. Advertisement Mark Cuban sold a majority stake in the Dallas Mavericks for $3.5 billion. And Wyc Grousbeck offloaded the Boston Celtics for $6.1 billion. The Lakers have won seven NBA Finals under the Buss family's ownership. Advertisement That includes legendary teams of the past led by Kobe Bryant, Shaquille O'Neal, Magic Johnson, and Kareem Abdul-Jabbar. They created a dynasty that inspired the hit HBO show Winning Time. 7 Buss in the arms of legendary Lakers icon Shaquille O'Neal Credit: Getty 7 Magic Johnson, Jeanie Buss, Rob Pelinka, Kobe Bryant, and his family pose in 2017 Credit: Getty Advertisement 7 Bryant with Buss in 2011, before his tragic death in a helicopter accident Credit: Getty Walters has been a stakeholder in the Lakers since 2021. He also received a right of first refusal on the majority share of the team at the time. Lakers fans reacted with shock at the news, which was revealed on social media. Advertisement "This is a historic day," one said. "Mark Walter owns the Dodgers. One of the biggest spenders in baseball," another explained. "I'd imagine this is a good thing for the future of the Lakers too. "Deep pockets in LA now for the Luka Doncic era." Advertisement
Time of India
10-06-2025
- Sport
- Time of India
LA Lakers legend LeBron James has a perfect reply for 'No Bag' comments from haters
LA Lakers legend LeBron James has a perfect reply for 'No Bag' comments from haters (Image Source: Getty) Being 22 years in the game is quite difficult and LeBron James has achieved it. Despite having numerous records to his name, the MVP is being heavily criticized online for various reasons. One of the major criticisms that are spreading over the Internet is that James has 'no bag' to which the legend finally clapped back. James appeared on the Mind the Game podcast where he addressed the criticisms and gave a fitting reply to all his haters. He was joined by teammate Luka Doncic. What was James reply? Here are all the details. LeBron James reminds haters of his 42,000 points in NBA The Lakers' power forward appeared on the Mind the Game podcast which is hosted by Steve Nash. During the show, the host raised the criticism that James has been facing online. To this, the MVP replied, 'I see it all the time. It's like, you know, I'll be on social media, like, LeBron has no bag. LeBron has no bag, and I'm sitting over here with 50 billion points.' It was a fitting reply to his haters who talk about how James lacks skills and only moves forward with his huge height and stature. James also went on to say that how back in the 2000's the number of dribbles was not a factor to scale a player. In fact, what mattered was how many points the player scored for the team. However, with the recent involvement of new factors, fans have started being harsh towards players, and James has been a target of the same. Talking about numbers, James has by far the highest in the league. With a towering 42,184 points in the regular season and 8,289 points in the playoffs, James has already set a benchmark that many players are yet to reach. Luka Doncic does not know the meaning of a modern term The four-time NBA championship holder was joined by the Lakers' star player Luka Doncic in the show. When the discussion was going on regarding how new fans are saying James 'to have a bag,' Doncic went ahead to ask the meaning of the slang. The host went ahead and explained that 'to have a bag' means possessing creative skills, which apparently, as per some fans, James lacks. After hearing the explanation, even Doncic denied the allegations and agreed that the MVP is one of the greatest players of the time. Also Read: Former Los Angeles Lakers forward Michael Beasley makes bold claim about defeating LeBron James
Scottish Sun
10-06-2025
- Sport
- Scottish Sun
Floyd Mayweather reveals he only had FIVE ‘tough' fights in entire career as Conor McGregor and Canelo Alvarez snubbed
One of his hardest fight was against the 'Drunken Master' BEST OF FIVE BEST OF FIVE Floyd Mayweather reveals he only had FIVE 'tough' fights in entire career as Conor McGregor and Canelo Alvarez snubbed FLOYD MAYWEATHER can count on one hand the amount of tough fights he had during his legendary career. Mayweather officially retired in 2017 at 50-0 - a record that is yet to be matched - with world titles in FIVE different weights. Advertisement 7 Floyd Mayweather at the LA Lakers vs Orlando Magic game Credit: Getty Up until his final bout - against UFC star Conor McGregor - the American beat 15 champions in a row. But he named Emanuel Augustus - who famously adopted the Drunken Master technique - as one of his toughest fights. Mayweather beat Augustus in 2000 but credited the unorthodox showboater as one of his hardest opponents alongside Miguel Cotto. He told FightHype in 2013: 'I probably had six tough fights, if that, probably five tough fights. Advertisement "Cotto was a tough fight, Emmanuel Augustus was tough, Cotto you know he was tough. "[I can name] those two that I can name off the top of my head, probably a few other fights but we got through it.' Augustus would act drunk during fights, prancing awkwardly around the ring to try and throw off his opponents. And even Mayweather struggled to cope with Augustus' unusual style in their bout - which he won on points. Advertisement 7 CASINO SPECIAL - BEST CASINO BONUSES FROM £10 DEPOSITS Augustus finished his 78-fight career with 38 wins, 34 defeats and six draws - losing his last six bouts before his 2011 retirement. Cotto meanwhile is a four-division world champion who faced Mayweather for the WBA light-middleweight title in 2012. Advertisement Justis Huni's incredible dressing room reaction just moments after Fabio Wardley's comeback KO Mayweather came up from welterweight to win over 12 rounds - but he was bloodied from the nose due to Cotto's effective roughouse tactics. Cotto retired in 2017 after an iconic career just months after Mayweather's final bout. Mayweather - who beat Canelo Alvarez in 2013 - left the sport as the richest boxer of all time - boasting of earnings over £1BILLION. Around half of that were made for his pair of wins over Manny Pacquiao and McGregor. Advertisement The Pacquiao fight was over five years in the making and resulted in Mayweather outfoxing his great rival over the distance. 7 Mayweather credited the 'Drunken Master' Emanuel Augustus as one of his toughest fights Credit: YOUTUBE -Top Rank Boxing 7 Miguel Cotto bloodied Mayweather's nose in 2012 Credit: Getty Images - Getty 7 Mayweather beat Manny Pacquiao in their 2015 super-fight Credit: Reuters Advertisement And he told The Million Dollaz Worth of Game podcast: "The best fighter I ever fought, probably was Manny Pacquiao. Because of his movement. "But he's a helluva' fighter and I can see why he won so many fights and I can see why he's going down as a Hall of Famer, it's just certain moves that he made. "But the roughest fighter probably was a guy named Emanuel Augustus. The Drunken Master. He was tough. "And Miguel Cotto was very, very physically strong. So, you've got different fighters, different days you feel different ways. Advertisement "So some days you can go over there and you may not feel that good but you go over there and feel superb." Mayweather - snubbing McGregor from any list of tough fights - continues to box in exhibition bouts after retiring. His last came in August 2024 against the grandson of notorious New York crime boss John Gotti. 7 Mayweather retired after beating Conor McGregor Credit: Getty Advertisement
Irish Daily Mirror
08-06-2025
- Entertainment
- Irish Daily Mirror
'I found David Beckham's wallet, his reply surprised me when I asked for reward'
Basketball icon Shaquille O'Neal once stumbled upon David Beckham's wallet lying on the ground - and joked about charging a massive sum for its return. The two have been friends for years, having met during Beckham's time with the LA Galaxy in Los Angeles, California. Shaq, who previously played for the LA Lakers, recalled that he initially thought about keeping the cash he found, but changed his mind once he realised who the wallet belonged to. "I was walking one day in Beverly Hills and I found a wallet," the 53-year-old recalled during an appearance on The Late Late Show with James Corden. "Usually when I find wallets, I just take all the money out and I just throw them," he joked. "But this was a nice wallet." After noticing Beckham's ID inside, he chose to pull a light-hearted stunt on the football legend by posing as someone who wanted a reward. "First I played a joke," the American said. "I was like, 'I have your wallet, it's going to cost you a million dollars to get it back'. But he knew it was me. [Beckham said] 'Shaq, stop playing'. I was like 'Dave, I found your wallet'. The funny thing is he [Beckham] said, 'There was some money in this wallet, you know what happened?' And I was like, 'Nope.'" Shaq, who ended his basketball career in 2012, is recognised as one of the sport's greatest figures, Mirror UK reports. Towering at 7ft 1in, he secured four NBA titles - three with the Lakers during the Kobe Bryant era and one with the Miami Heat. In 2000, he was honoured as NBA MVP and earned 15 All-Star appearances over a distinguished career that also included stints with the Orlando Magic, the Phoenix Suns, the Cleveland Cavaliers and the Boston Celtics. Beckham wrapped up his professional football career a year after O'Neal in 2013, after playing for elite clubs like Manchester United, Real Madrid, LA Galaxy, AC Milan, and PSG. He also represented England 115 times and wore the captain's armband for six years. Though now based in the UK with his wife Victoria, Beckham still travels frequently across the Atlantic. He is a part-owner of MLS franchise Inter Miami, who made headlines in 2023 by signing Lionel Messi. For the latest news and breaking news visit Get all the big headlines, pictures, analysis, opinion and video on the stories that matter to you. Follow us on Twitter @IrishMirror - the official Irish Mirror Twitter account - real news in real time. We're also on Facebook/irishmirror - your must-see news, features, videos and pictures throughout the day from the Irish Daily Mirror, Irish Sunday Mirror and
