The Los Angeles Lakers are finally being sold after nearly 50 years of Buss family ownership. According to ESPN’s Shams Charania, the family has agreed to let go of their majority ownership of the franchise at a $10 billion valuation.
It’s the biggest sale of a sports franchise ever across the entire world. The Buss family has come under fire from the fan base over the last several years due to their frugal ways. While the Lakers are clearly very valuable, all six of Jerry Buss’ children had large stakes in the franchise, so none of them were as rich as most of the owners in the NBA.
Despite that, it doesn’t appear that all of the Buss children were on board with the sale. ESPN’s Ramona Shelburne reported that a “majority” of the Buss family voted in favor of selling, including team governor Jeanie Buss.
However, ESPN’s Brian Windhorst revealed that it wasn’t a unanimous vote.
“There are six Buss children: four children from Jerry Buss’ first marriage, two children from his second marriage,” Windhorst said on the “Brian Windhorst & the Hoop Collective” podcast. “They each have equal share. For them to sell, they had to have a majority of them [vote yes]. There were some in that group who wanted to sell. There were some in that group who didn’t want to sell.”
Why Would Some of Buss Family Not Want to Sell?
The Buss family has become synonymous with the Lakers since Jerry Buss bought the franchise in 1979. He is a major reason why the team is worth $10 billion in 2025.
However, since he died in 2013, things have gone downhill for the Lakers. The team missed the playoffs in six straight years after his death and were saved by LeBron James’ desire to move to Los Angeles.
The Lakers haven’t been the worst NBA franchise since Jeanie Buss took over the team, but it has been challenging for the Buss family to keep pace with the spending of other franchises. That said, there’s a lot of glamour that comes with owning the Lakers. Some of the family may not have wanted to let that go.
Luka Doncic Reacts to News
The player at the center of this monumental transaction is Luka Doncic. He’s the face of the Lakers basketball team going forward.
He’s likely a big reason why the Buss family thought it would be a good time to sell. Doncic is only under contract for one more season, but this move likely helps the Lakers get him to sign a long-term extension this offseason.
He reacted to the news that the Lakers are changing ownership.
“The Lakers are an amazing organization,” Doncic wrote on X. “I’m looking forward to meeting Mark and excited about the future. I am also grateful to Jeanie and the Buss family for welcoming me to LA, and I’m happy that Jeanie will continue to be involved. I look forward to working with both of them to win championships!”
He certainly doesn’t sound like a player who is only going to be around for next season.
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