The Buss family, known for their longstanding influence in the NBA, has entered into an agreement to sell a majority stake in the Los Angeles Lakers. Mark Walter, the CEO and chairman of holding company TWG Global, would become the controlling owner of one of professional sports’ most valuable franchises. This historic sale may represent the most substantial shift in elephant ownership in history. Jeanie Buss, late Jerry Buss’ daughter, will remain in charge as governor of the Lakers. This decision follows the eventual sale of the team.
Jerry Buss acquired the Lakers in 1979, transforming the team into a cultural icon and a powerhouse in professional basketball. Under his leadership, the franchise hit unprecedented heights with the “Showtime” era of the 1980’s. During that time, they captured five titles and forged a legacy that lives on, inspiring both fans and players alike to this day. His distinct way of thinking was what made the Lakers different. It was his commitment to excellence that transformed them into one of the most loved teams in all of sports.
When Jerry Buss died in 2013, Jeanie Buss became the principal owner. She has since been lauded as one of the most powerful women in sports, with her managing operations as well as upholding her father’s legacy. According to Shams Charania and ESPN’s Ramona Shelburne, owner Jeanie Buss would remain deeply engaged in the organization. Her knowledge and experience will be invaluable for a smooth transition in leadership as the team transitions to new ownership.
The sale is a symbolic victory for the Lakers. Beyond the formality of the deal, it marks the end of an era for the Buss family, whose name has become synonymous with the franchise for generations. During their tenure, they went beyond creating great experiences for players and lasting memories for fans. This new plan laid the groundwork to make the Lakers one of the NBA’s most powerful teams.
Negotiations for the sale are continuing. Current and former players, as well as an excited fanbase, look forward to hearing how this change in ownership will impact the direction the team takes going forward. The Lakers have a wonderful tradition that fans find intoxicating. Their continued determination to innovate ensures that they will continue to be a leader in both sports and popular culture.