The Buss Family Sells Majority Stake of Los Angeles Lakers in Record-Breaking $10B Deal

The Buss family, who has owned the Los Angeles Lakers for over 40 years, has sold their majority stake in the team in a reported record-breaking deal worth $10 billion.

What Happened?

• The Buss family, led by siblings Jeanie, Jim, and Johnny, have sold their 66% stake in the Lakers to a group of investors led by billionaire Patrick Soon-Shiong.
• The deal includes the team, as well as their stake in the Staples Center, the home arena of the Lakers.
• This sale marks the end of an era for the Buss family, who have been instrumental in building the Lakers into one of the most successful and iconic franchises in sports history.

Why Did They Sell?

• The Buss family has been facing financial challenges in recent years, including a hefty inheritance tax bill after the passing of former owner Jerry Buss in 2013.
• The COVID-19 pandemic also had a significant impact on the team’s revenue, with the NBA season being suspended and games being played without fans in attendance.
• The sale of the team will provide financial stability for the Buss family and allow them to focus on other business ventures.

What Does This Mean for the Lakers?

• The Lakers will continue to be owned by a group of investors, with Jeanie Buss remaining as the team’s controlling owner and governor.
• The team’s day-to-day operations and decision-making will not be affected by the sale.
• The Lakers are still one of the most valuable and successful franchises in the NBA, and this sale will not change that.

Final Thoughts

The sale of the majority stake in the Los Angeles Lakers by the Buss family marks the end of an era for the iconic franchise. However, the team’s legacy and success will continue under new ownership, and the Buss family can now focus on their other ventures. This record-breaking deal highlights the immense value and popularity of the Lakers, solidifying their position as one of the most iconic and valuable sports teams in the world.