Media: https://media1.giphy.com/media/v1.Y2lkPTcyYTQ4YTRmcnVsNnZoZ2t6bGFteHp3djB3NzM3ejVnZGV4dmJwaWJiOWE3cjBreCZlcD12MV9naWZzX3NlYXJjaCZjdD1n/W5efDjI44jv8hYIBv4/giphy.gifTitle: The Buss Family’s Legacy Comes to an End as Los Angeles Lakers are Sold for $10 Billion
The sports world has been abuzz with news of the iconic Los Angeles Lakers being sold by the Buss family, who have run the team for 46 years. In a deal worth $10 billion, Mark Walter, CEO of TWG Global and owner of the Los Angeles Dodgers since 2012, is set to acquire a majority stake in the NBA franchise. This marks the first time since 1979 that the Buss family will no longer control the team which has won an impressive 17 NBA championships, second-most all-time.
The Buss family’s involvement with the Lakers began when Jerry Buss purchased the team for $67.5 million in 1979. After his death in 2013, control of the team was transferred to a family trust and has been managed by his children ever since, led by daughter Jeanie Buss. The family held an impressive 66% stake in the team before this sale.
Despite selling their majority share, it seems that Jeanie Buss will continue to act as the team’s governor after the sale, allowing her to vote on league matters at board meetings between NBA owners. According to NBA bylaws, she would need to retain at least 15% ownership for this role. This arrangement is not unprecedented; it has happened before where someone owns a controlling stake in a team but does not serve as its governor during league meetings.
The $10 billion valuation of the Lakers is particularly notable given that they do not own their own arena, which is currently owned by Anschutz Entertainment Group (AEG). This sale highlights the immense value and popularity of professional sports teams in today’s world, especially those based in major cities like Los Angeles.
As we look back on the Buss family’s legacy with the Lakers, it’s clear that they have left an indelible mark on basketball history. While their era comes to a close, fans can only hope for continued success under new ownership. The sale of the Lakers serves as a reminder of how quickly things can change in the world of sports and highlights the importance of adapting to these changes while maintaining tradition and respecting the past.
In conclusion, this historic sale marks not just a shift in ownership but also a significant moment for the NBA and its fans. As we move forward into an uncertain future, let us remember the legacy left behind by the Buss family and look forward to seeing what new opportunities await the Los Angeles Lakers under Mark Walter’s leadership.
Source: [Original Article](https://www.nbcnews.com/sports/nba/buss-family-selling-los-angeles-lakers-source-rcna213861) #buss
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