Latest news with #championships
CNA
14 hours ago
- Business
- CNA
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 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 $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 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 $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. 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.
SBS Australia
15 hours ago
- Sport
- SBS Australia
Newsflash: June 20th - Pidcock's staggering speed, Afghan Hopes, and the World Tour Powers at play
This week in your newsflash, Tom Pidcock showcased his fearless descending skills in a stunning stunt in Germany, reaching speeds of 95 km/h solo and an incredible 115 km/h when tethered to a motorbike, further cementing his reputation as one of cycling's most daring downhill riders. Meanwhile, Afghanistan's women's national road cycling championships will return for the first time since 2022, though held in France due to the Taliban's ban on women's sports, offering refugee athletes a powerful symbol of hope and resilience. In the broader cycling world, the UCI has rejected the Saudi-backed One Cycling project's bid to reshape the WorldTour calendar, citing governance issues. However, the project's supporters remain determined to press on, potentially setting the stage for a major shake-up in the sport's future.
Yahoo
a day ago
- Business
- Yahoo
Plaschke: Lakers had a great ride with Buss family, but Dodgers owner will give team new life
With Dodgers owner Mark Walter becoming the new majority of the Lakers, the team is poised to prioritize wins and championships above everything else. (Emma McIntyre / Getty Images) For 46 years it's been a wonderful ride, the sweetest of sagas, the Buss family treating the Lakers like their precocious child, nurturing, embracing, empowering, transforming them into arguably this country's most celebrated sports franchise. But it's time. Advertisement It's time to give their baby to somebody who won't be burdened by the family ties or deep friendships that have increasingly interfered with the chasing of championships. It's time to hand their beloved to somebody with enough money to keep it strong and enough vision to keep it relevant. It's time for the Lakers to... become the Dodgers? Yes! It's them! They're here! Welcome, welcome, welcome! Come on in! Make yourself at home! History has been waiting for you! Read more: Lakers selling majority ownership of franchise to Dodgers owner This is really happening, the majority ownership of the Lakers is really being sold to Dodgers chairman Mark Walter and his TWC Global group at a franchise valuation of $10 billion, making it the richest transaction in sports history. Advertisement To Los Angeles sports fans, it's worth even more. For the future of professional sports in this city, it's priceless. This is the best thing to happen to the Southland's sports landscape since, well, the last time Walter's TWG Global group bought something this big. It was 2012, and they bought the Dodgers, and just look what they've done with them. Dodgers owner and chairman Mark Walter speaks in front of President Trump during the team's World Series championship visit to the White House in April. (Evan Vucci / Associated Press) Since 2013, Walter's team has been in the playoffs every year, won their division 11 of those 12 years, appeared in four World Series and won two of them. Since 2013, the Lakers have won one title in their only Finals appearance during that period while making the playoffs only half the time. Advertisement Mad respect to the Buss family, who oversaw 11 championships while providing the stage for greats from Magic Johnson to Kobe Bryant to LeBron James. But since the death of patriarch Jerry Buss in 2013, the organization has lacked a sustained championship vision and effective championship culture. Everybody loves Jeanie Buss, who will continue in her role as Lakers governor, but she has grown increasingly out of touch with the demands of the modern game. Where contending teams are now led by analytics-driven minds, she would rely on old friends like Linda and Kurt Rambis and Rob Pelinka, who became part of the family by being Kobe Bryant's agent. Where contending teams increasingly relied on younger players, Buss' Lakers were always tied to aging superstars, their title hopes crashing around a hobbled Bryant and now buckling under a slowly eroding James. Lakers owner Jerry Buss with children (clockwise from top left) Jeanie, Johnny, Jim and Janie in 1979. (Gunther / Since Jerry Buss' death, the vision-less Lakers have wandered through the NBA desert in search of a strong leader who could build for sustained success. Advertisement In Walter's group, they have that leader. If the Dodgers are any indication, the Lakers are in for the sort of massive face lift that would make even a Beverly Hills plastic surgeon blush. There will be money poured into the Lakers' woefully small infrastructure, more money for coaches, more money for scouts, more money for trainers, more money for the amenities at Arena. Who knows, maybe even more money for a new arena? Don't scoff, the Dodgers spent more than $500 million just to put a shine on Dodger Stadium, they will dig deep for that fan experience. They will dig deep for everything. Advertisement If there's an insanely expensive but wildly successful general manager candidate out there — former Golden State guru Bob Meyers comes to mind — the new Lakers will buy him. Jeanie Buss attends a game between the Lakers and the Milwaukee Bucks at Arena on March 20. (Allen J. Schaben / Los Angeles Times) If there's an experienced but costly head coaching candidate hanging around, the new Lakers will nab him. Although they will be somewhat constrained by the salary cap, the new Lakers will go deep into any tax to buy the best players as long as they can retain their draft picks. The Dodgers are about winning every year, not just the next year, so expect the new Lakers to covet the future as much as the present. This is good news for young Luka Doncic. This is not such good news for James. Advertisement The Buss family always vowed to do whatever it takes to keep James happy and allow him to retire here. The new Lakers won't be so sentimental. James hasn't signed on for next season yet, and maybe this change of ownership changes what once appeared to be a slam dunk. The new Lakers won't have the rich heart of the old Lakers. But they also won't have the old destructive loyalties. The new Lakers will be only about winning, something Jerry Buss understood and amplified, something which has been sadly lost since his passing. Lakers owner Jerry Buss celebrates with the Larry O'Brien Trophy after the team's 1980 NBA championship victory. (NBAE / Getty Images) The Buss family was good for Los Angeles, and their stewardship of one of this city's crown sports jewels should be celebrated. Advertisement But it's time, and it's perfect that their neighbors down the road have decided to be the ones to spruce up the place. Before this sale, the only thing the Dodgers and Lakers shared occurred after victories, when both team's sound systems would blare, 'I Love L.A.' Now they share a championship bank account, a championship vision, and a championship commitment Man, I love L.A. Read more: Plaschke: A painful truth: Lakers must trade Austin Reaves Sign up for our weekly newsletter on all things Lakers. This story originally appeared in Los Angeles Times.
Yahoo
2 days ago
- Sport
- Yahoo
Eight Southampton swimmers to compete in national championships
Eight City of Southampton swimmers will compete in the British and English national championships next month, the most competitors the club has sent in more than a decade. It comes after a successful summer splash open meet at The Quays with 90 of the club's own swimmers competing. Advertisement Over the weekend, they took part in 514 swims with 421 personal best times, scoring 109 medals - 35 gold, 35 silver and 39 bronze. READ MORE: Bring your horse to your wedding at this stunning new woodland venue The fun open meet, one of three each year boosting club finances, gave lots of swimmers the opportunity to race, allowing younger swimmers to watch the more experienced swimmers race as they prepare for more big competitions this summer. Head coach Matt Heathcock said: "We are starting to see the new structure and training environment come together. "We will have a long way to go, but the change in less than three years has been great to watch and be a part of."
Yahoo
5 days ago
- Sport
- Yahoo
Xander Bogaerts' RBI double
Scenes from Day 2 of the New York State track and field championships Scenes from the second day of the New York State Track and Field Championships, held June 14 at Middletown High School's Faller Field 2:32 Now Playing Paused Ad Playing
