The Buss family has agreed to sell its majority ownership of the Los Angeles Lakers to Mark Walter. For $10 billion, the American businessman from Cedar Rapids, Iowa, is poised to become the new owner of the team. Reports have it that the Buss family, who have owned the Lakers since 1979, will remain in charge of the team’s operations for a few years before Walter takes over.
When the late Buss patriarch, Jerry Buss, purchased the team now valued at $10 billion, he only parted with $67.5 million. And the deal with Jack Kent Cooke included three other major assets: The Los Angeles Kings of the NHL, the indoor arena in Inglewood (The Forum), and a 13,000-acre ranch in the Sierra Nevada Mountains.
As Jerry turned the team into a lucrative sports enterprise, it’s understandable that Lakers fans have received the news with mixed feelings. For hardcore fans, it feels like a betrayal of Jerry’s legacy, and there are concerns about the team’s future. Will it thrive under the new owner or amount to a major nightmare?
Jeanie Buss Will Continue Running The Team For Years To Come
Following Jerry’s demise in 2013, his six children inherited the Lakers, with Jeanie Buss assuming the leadership position as Jerry had planned. She has been the controlling owner and president of the team since then. While the Lakers have fared well under her leadership, the team hasn’t been able to recapture the greatness it embodied during Jerry’s era.
The sale has positioned the team for changes that might help it regain its past glory. Such changes might take a while, as Jeanie Buss is expected to remain the Lakers’ governor and continue running the team for a few more years. But with Mark Walter in the picture, some fans anticipate that the journey towards transforming the team has begun.
Walter’s leadership has helped MLB’s Los Angeles Dodgers win two World Series, among other coveted titles. It’s hoped that the Los Angeles Lakers will happen upon such good fortune with his active involvement in running the team. He’s been a part-owner of the Lakers since 2021, holding a 27% stake with a right of first refusal for the majority share.
Magic Johnson Thinks Lakers Fans Should Be Ecstatic About The Deal
Amid concerns that the deal betrays Jerry Buss’ legacy, Earvin Magic Johnson believes it’s the right move. The Lakers legend made a series of posts on X, acknowledging the $10 billion sale while asserting that Mark Walter is the right person to carry on the Lakers’ legacy. One of his several posts reads:
“Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the @Lakers legacy and tradition of winning – Mark Walter, my business partner and friend! Mark Walter is the best choice and will be the best caretaker of the Laker brand. 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!”
In another post, he nudged fans to be happy about the sale. “Laker fans should be ecstatic,” he wrote. “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!” Jeanie appointed the NBA star president of Basketball Operations in February 2017, a position he held for over two years.
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