For the first time in more than 45 years, a member of the Buss family will not be the majority owner of the Los Angeles Lakers.
According to multiple reports, the Buss family, led by the team’s primary caretaker Jeanie Buss, has agreed to sell the majority ownership stake in the team to the principal owner of the Los Angeles Dodgers.
The new majority owner of the team will be Mark Walter, CEO of TWG Global, a conglomerate with various financial business interests, as well as ownership in several of the world’s most valuable sports franchises.
Walter had a minority ownership stake in the team for several years, but will now assume primary ownership of one of the world’s most recognizable and important sports brands.
Jeanie Buss will remain in her current role as the team’s governor, operating as the chief decision maker for the time being, according to ESPN.
The Lakers were purchased in 1979 by Jerry Buss, the family patriarch, who leveraged his vast real estate properties in order to buy the beleaguered team at a nadir of its relevancy and profitability.
In the decades that followed Jerry, alongside important figures like Phil Jackson, Jerry West and Pat Riley, turned the franchise into a global powerhouse, and one of the most successful sports franchises in North America.
The team has had consistent degrees of success under the Buss family stewardship, including ten NBA Titles under Jerry Buss and an 11th under the current regime.
The Lakers have collected stars under the Buss ownership period, including Kareem Abdul-Jabbar and Magic Johnson of the “Showtime Lakers” era, Shaquille O’Neal, Kobe Bryant and Pau Gasol in the 2000s renaissance period, and the current roster which includes the league’s all-time leading scorer LeBron James and Luka Doncic, one of basketball’s greatest young stars.
Walter also has ownership interest in the Los Angeles Sparks WNBA team and a Formula 1 racing team.