The Lakers should be in better hands now. They just can’t escape the drama
The NBA was verging on being a failing business when Jerry Buss bought the Los Angeles Lakers from Jack Kent Cooke in 1979 for $67.5 million. Pro basketball only had a small television footprint at the time, attendance was falling, teams were claiming to lose money, and the league couldn’t untangle itself from the perception […]
The Los Angeles Lakers find themselves in an increasingly tangled ownership situation, with drama emerging from within the Buss family. Jerry Buss' acquisition of the Lakers in 1979, for $67.5 million, catalyzed the team's meteoric rise, leading to five championships under Magic Johnson and Kareem Abdul-Jabbar. However, after Buss' passing in 2013, the team's fortunes have fluctuated, culminating in a sub-.500 cumulative record, one championship, and a power struggle among his six children.
In a deal to sell the team for $10 billion, Mark Walter acquired the Lakers, only for Jeanie Buss, one of Buss' children, to retain control for five years under the sale's terms. Now, amid a DOJ investigation into Walter's business practices, including allegations of loan fraud related to the Lakers purchase, Walter has agreed to sell the team back to Kushner and Iger for $12.5 billion.
The Buss siblings have now sold their remaining 17.8% of the franchise to Kushner and Iger, with Jeanie Buss' approval required due to family trust agreements. This leaves the Lakers in a precarious position, with Kushner's private equity firm taking control without the necessary experience in sports franchise ownership. The Lakers' summer rebuild around Luka Doncic now faces uncertainty as they navigate this uncertain ownership landscape.
Written by urgent.news from SB Nation's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
