Latest news with #Laker
NBC Sports
5 hours ago
- Business
- NBC Sports
Is $10 billion sale price good or bad for Lakers? Yes. Mostly it highlights changing NBA.
The NBA without the Buss family owning the Lakers sounds… weird. Dr. Jerry Buss purchased the Lakers when Ronald Reagan was entering the White House and he proceeded to transform both the team and the league. There is the on-court success, where the Lakers have won 11 championships since Buss bought the franchise, while boasting a parade of 'face of the game' level players: Magic Johnson, Shaquille O'Neal, Kobe Bryant, and now LeBron James, with Luka Doncic. Laker fans should be estatic. A few things I can tell you about Mark - he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike -… Beyond that, Dr. Buss changed how the sport was packaged as a product — this was entertainment. This was an event. It was the Laker girls and music pumped in the arena (not just an organist), it was Dancing Barry and celebrities sitting courtside. The modern fan sporting experience started with Buss' vision. Now, Lakers ownership is changing. Once approved this summer by the Board of Governors, it will be Mark Walter, the CEO of global investment firm Guggenheim Partners, who will have bought the franchise at a $10 billion valuation. Jeanie Buss reported will stay on as the team's governor (she and the Buss family will retain 18% ownership, according to reports). Sale about change Is the sale of the Lakers good or bad for the franchise? Is it good or bad for the NBA? Yes. The answers are nuanced. It's also not the right question, Is this the end of family ownership in the NBA? Yes This is the real takeaway from the sale. The days of an NBA team as a family-run operation — especially where the team is the primary source of income, as it was for the Buss children — are gone. Big-time professional sports are now an investment for the ultra-wealthy. Fans look at the Lakers' brand, the superstar players, how often they are on national television, the purple-and-gold jerseys in the crowd at road games, and with all that comes a perception that the Lakers were a free-spending, do-whatever-it-takes-to-win organization. They were not even close. Behind the scenes, this was a relative mom-and-pop operation because it had to be — and if it wasn't for a very generous local television contract it would have been much more noticeable (but betting on cable television to keep funding the team is a losing proposition long term). The Lakers did not spend top dollar on coaches (remember Ty Lue going across town?). They did not spend to beef up basketball operations and staff — Oklahoma City has a larger scouting and basketball operations team. That's what Walter's ownership changes and why Lakers fans should feel positive. Under Walter's ownership, the Dodgers have unashamedly acted like the richest kids on the block, and have been rewarded for it on the field. For a Lakers team going into summer negotiations with Doncic and LeBron, having a deep-pocketed owner willing to spend matters, even if the NBA's tax structure limits that spending. The Lakers are an amazing organization. I'm looking forward to meeting Mark and excited about the future. 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. I look forward to working with both of them… What Walter did with the Dodgers was spend — not just on players, he also upgraded Dodger Stadium, he beefed up the team's front office (stealing the GM from another team), its analytics department, and he spent big on player development. He turned the Dodgers into Goliath and has a couple of World Series wins to show for it. Walter can't just spend to buy players under the NBA's punitive salary cap/luxury tax system, but his Lakers will start acting like a rich team off the court. Expect the Lakers' front office and scouting teams to grow. Expect a focus on player development. Expect facility upgrades (not at which is owned by AEG, but other team facilities). The Lakers didn't act like the richest kids on the block — that other team in Los Angeles did — and around the Lakers there are a lot of little stories that highlight things. As noted at ESPN: '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.' All that is about to change. Something lost With that, a connection between the fans and the owner is lost. Jeanie Buss will remain the team governor and in some ways face of ownership, but Walter and his investment team will have the final say. A much more corporate entity runs the Lakers now, whatever face they put on it. The same was true in Dallas, where part of the loss in Mark Cuban selling the Mavericks was not having him as the recognizable owner fans to relate to (and talk to). The same is true in Boston, where Wyc Grousbeck was always a rich, corporate owner, but one fan saw, who a year ago was carrying the Larry O'Brien Trophy around the streets of Boston during a parade, high-fiving fans. The trend toward corporatization and private equity/investment banking touching everything is not just a sports thing, it's a societal thing. It's the way of the world. It's just going to feel a little different for the NBA. At least Jeanie Buss will still be around and have a voice in the Lakers, but it's not going to be the same. Not that it will matter to Lakers fans if they start winning like the Dodgers.
Los Angeles Times
6 hours ago
- Sport
- Los Angeles Times
Former Laker Vlade Divac has emergency surgery after breaking hip in motorcycle accident
Basketball Hall of Famer and former Lakers fan favorite Vlade Divac broke his hip Thursday when he fell from his motorcycle while riding near the Adriatic Sea coast in Montenegro. On Friday, a spokesperson for a hospital in Risan said the 57-year-old Serbian basketball legend now has an artificial hip after emergency surgery. 'During the day, a surgical procedure was performed,' hospital spokesperson Ljubica Mitrovic said of Divac. 'He is in a stable general and physical condition and is under a careful supervision of the medical staff.' Divac, a 7-1 center, was drafted by the Lakers in 1989 after leading the Yugoslavia men's basketball team to an Olympic silver medal the previous year. He became a full-time starter during his second season as a Laker and soon emerged as a fan favorite, with frequent appearances in commercials, sitcoms and late-night talk shows. After seven seasons with the Lakers, Divac was traded to the Charlotte Hornets for the recently drafted Kobe Bryant on July 1, 1996. (The Lakers would sign another 7-1 center, Shaquille O'Neal, as a free agent later that month.) Divac played two seasons with the Hornets and signed with the Sacramento Kings as a free agent in 1999. He spent six years there — a stint that included his only All-Star season, in 2000-01 — before returning to the Lakers for the last of his 16 NBA seasons in 2004-05. After finishing his career with 13,398 points, 9,326 rebounds, 3,541 assists and 1,631 blocked shots, the Kings retired his No. 21 jerseyin 2009. He was inducted into the Naismith Basketball Hall of Fame in 2019. Divac was the Kings' general manager from 2015-2020. The Associated Press contributed to this report.
USA Today
9 hours ago
- Sport
- USA Today
Former Laker Vlade Divac got injured after falling off motorcycle
Former Laker Vlade Divac got injured after falling off motorcycle From 1989 to 1996, Vlade Divac was a fairly productive center for the Los Angeles Lakers. They drafted him in the first round of the 1989 draft following the retirement of legendary center Kareem Abdul-Jabbar, and he became a serviceable player for them as they rebuilt during the 1990s. He returned to the team for one more go-around in 2004. However, a back injury limited him to 15 games that season, and he called it quits shortly afterward. On Thursday, Divac, who is 57 years of age, reportedly broke his hip in a motorcycle incident. Via ESPN: "Former NBA center Vlade Divac underwent emergency surgery after breaking a hip in a fall from his motorcycle in Montenegro, doctors said Friday. "The accident happened Thursday on a road near the Montenegrin Adriatic Sea coast. Hospital officials said Divac sustained a fracture and that an artificial hip was implanted." Luckily, the 7-foot-1 Serbian is said to be doing OK. "During the day, a surgical procedure was performed," said Ljubica Mitrovic, a spokeswoman of the hospital in the town of Risan. "He is in a stable general and physical condition and is under a careful supervision of the medical staff." Divac was one of the first serviceable European players to enter the NBA. He was somewhat ahead of his time as far as his skills, as he could not only score out of the low post but also pass the ball effectively, hit perimeter jumpers and even handle the ball and run the fast break. He was so versatile that, at the time, some felt his natural position was forward. But he continued to play at the 5 and finished with career averages of 11.8 points, 8.2 rebounds, 3.1 assists and 1.4 blocks a game. The Lakers traded him for the draft rights to a 17-year-old Philadelphia-area native named Kobe Bryant in 1996. Ironically, that trade almost came back to bite them, as Divac went on to become a pivotal member of those free-wheeling Sacramento Kings teams of the early 2000s that came within a fingernail of defeating L.A. in the 2002 Western Conference Finals. Following his retirement, he accepted a job with the Lakers as a liaison to help them scout players in Europe. He was elected into the Naismith Memorial Basketball Hall of Fame in 2019.
NDTV
2 days ago
- Business
- NDTV
Basketball Team LA Lakers To Be Sold For Rs 86,000 Crore
The Los Angeles Lakers are being sold in a record-breaking $10 billion deal that makes the iconic franchise the highest-valued sports team in US history, ESPN reported Wednesday. The report said the Lakers owners, the Buss family, would sell their controlling interest in the team to billionaire Mark Walter, who already owns a minority stake in the franchise. While Jeanie Buss would continue as Lakers governor, the deal ends the Buss family's 46-year reign over the NBA giants. Walter is the chief executive of holding company TWG Global which has built an impressive portfolio of professional sports teams, including the Los Angeles Dodgers and Los Angeles Sparks. He is also part of the ownership group of English Premier League side Chelsea. TWG also owns the Billie Jean King Cup tennis tournament and the Cadillac Formula One team. While further specifics of the deal were not disclosed, Lakers legend Earvin "Magic" Johnson -- a business partner of Walter -- was among the first to react to news of the agreement. "Laker fans should be ecstatic," Johnson wrote on X. "A few things I can tell you about Mark -- he is driven by winning, excellence, and doing everything the right way. And he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike." 'The best choice' Johnson cited Walter's ownership of the Dodgers baseball team as a reason for optimism. The Dodgers have won the World Series twice since Walter's ownership group took over the club, and in recent years have adopted an aggressive recruitment strategy that has seen them sign some of the sport's best talent, including Japanese superstar Shohei Ohtani on a 10-year, $700 million deal. "Mark is the best choice and will be the best caretaker of the Laker brand," Johnson wrote. "The proof is in the pudding on what he's been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner." The Buss family selling the Lakers marks the end of an era in the NBA, whose modern popularity owes much to the franchise's 1980s heyday. The Lakers were bought in 1979 by charismatic tycoon Jerry Buss, who quickly helped turn the franchise into a sporting powerhouse as well as a globally recognised brand. The Buss era brought the Lakers 11 NBA championships -- more than any other team over the same period -- and encompassed golden ages which included the "Showtime" Lakers of Magic Johnson as well as a hat-trick of championships between 2000 and 2002 when the team was spearheaded by Kobe Bryant. More recently the team recruited superstar LeBron James, who led the Lakers to a 17th championship in 2020, and stunned the league earlier this after swooping for Dallas Mavericks star Luka Doncic. Walter has been a minority owner of the Lakers since 2021 when he bought a share in a deal which also gave him first refusal to purchase the club should the Buss family ever decide to sell. The sale of the club smashes the previous highest figure paid for a US sports team, the $6.1 billion paid for the Boston Celtics earlier this year. That Celtics sale eclipsed the $6.05 billion that Josh Harris paid for the Washington Commanders in 2023.
2 days ago
- Business
Buss family to sell controlling stake of Lakers to Mark Walter for $10B valuation, AP source says
The Buss family has agreed to sell the controlling stake of the Los Angeles Lakers to TWG Global CEO Mark Walter, doing so with a franchise valuation of $10 billion — the highest ever for a professional sports franchise, a person with knowledge of the agreement said Wednesday. As part of the deal, Jeanie Buss — whose family has had control of the Lakers since her father bought the team in 1979 — intends to remain as team governor, said the person, who spoke to The Associated Press on condition of anonymity because neither side immediately announced details. It is not clear how much more of the Lakers that Walter is acquiring. He was part of a group that bought 27% of the Lakers in 2021. Jeanie Buss will still own at least 15% of the Lakers once this transaction is completed; by NBA rule, a governor must have at least that much of an ownership stake. Walter and TWG Global already had the controlling interest in the Los Angeles Dodgers, Premier League club Chelsea, the Professional Women's Hockey League, and — through TWG Motorsports — owns several auto racing teams including Cadillac Formula 1. Dodgers manager Dave Roberts said news of the sale to Walter marks "a very exciting day for the Lakers, for the city of Los Angeles.' 'He's very competitive and he's going to do everything he can to produce a championship-caliber team every single year and make sure the city feels proud about the Lakers and the legacy that they've already built with the Buss family," Roberts said. ESPN first reported the agreement. 'Mark Walter is the best choice and will be the best caretaker of the Laker brand,' Lakers legend Magic Johnson, a business partner of Walter's and someone extremely close to Jeanie Buss, posted on social media. 'The proof is in the pudding on what he's been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner notching 2 World Series and 11 NL West divisional titles in the last 12 years!' Johnson said he is certain Jeanie Buss made the deal only after being convinced that Walter will do right by the Lakers. 'Laker fans should be (ecstatic),' Johnson said. 'A few things I can tell you about Mark — he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike — they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world.' Walter is intensely private in shunning the spotlight. He is CEO of the financial services firm Guggenheim Partners, which is estimated to have more than $325 billion in assets. Johnson is among Guggenheim's investors. The agreement for the sale of the Lakers comes about three months after Bill Chisholm agreed to buy the Boston Celtics with an initial valuation of $6.1 billion — which was going to be a record, topping the previous mark of $6.05 billion sale for the NFL's Washington Commanders. The Celtics' sale is not yet finalized, pending final approval by the NBA's board of governors. That board is scheduled to meet in Las Vegas next month. And now, the Lakers are sold with a valuation of $10 billion — not just a record, but a total smashing of the previous mark. The Lakers have been in the control of the Buss family for 46 years, the longest of any current NBA franchise. Herb Simon bought the Indiana Pacers — currently in the NBA Finals — in 1983, the second-longest current ownership of an NBA club. Jerry Buss bought the Lakers for $67.5 million and made it to the NBA Finals 16 times out of his 34 seasons leading the club, winning 10 championships in that span. When he died in 2013, ownership of the Lakers went into a trust controlled by Buss' six children — who all worked for the Lakers in various capacities for several years. Eventually, the family began clashing over control. An agreement was struck in 2017 calling for Jeanie Buss to serve as controlling owner, ending a battle that included her going to court after her brothers Jim and Johnny Buss called for a board meeting that she interpreted as a challenge to her power — shortly after she removed Jim Buss as the Lakers' executive vice president of basketball operations.
