LA Lakers' Era Conclusion: Indelible Impact of Buss Family Legacy
In a groundbreaking move, the Los Angeleno Lakers' ownership has shifted from the Buss family's control after nearly five decades. The reins have been handed to Mark Walter, who is also the brains behind the Los Angeles Dodgers and TWG Global. This memorable transition signifies the end of an iconic era that had combined basketball with the star-studded charm of Hollywood.
Jerry Buss, the former chemist turned real estate tycoon, had first taken over the Lakers in 1979 for a whopping $67.5 million. His intentions transcended merely owning a basketball team; he saw an opportunity to revolutionize the NBA into a unparalleled spectacle.
To set the Lakers apart, Buss prioritized on-court performances just as much as off-court spectacles. He drafted none other than Magic Johnson, made Kareem Abdul-Jabbar the league's highest-paid player, and appointed Pat Riley as head coach, paving the way for five consecutive titles between 1980 and 1988.
Yet, the real magic happened off the court. Buss transformed the Forum into a cultural hub, with courtside seats filled with celebrities, the Forum Club becoming the place to behold the glitz and glamour. Timeouts were marked by live music, and the "Laker Girls" dazzled audiences. Prime Ticket, co-founded by Buss himself, brought the extravaganza into people's homes across LA[2].
Known as the "Showtime" era, the team experienced a lull in the 90s but roared back in the 2000s, claiming three straight championships with the dynamic duo of Shaquille O'Neal and Kobe Bryant, and adding two more with the help of Pau Gasol in 2009 and 2010.
When Buss passed in 2013, he left behind a team that had amassed 10 NBA titles under his guidance, and a blueprint that catapulted the NBA into a global entertainment powerhouse, elevating the Lakers to an internationally recognized brand[3].
Jeanie Buss, Jerry's daughter, took the helm following her father's death, becoming the first woman in history to serve as controlling owner of an NBA championship team. She managed to maintain a steady course amidst high-pressure situations, navigating internal power struggles and ultimately redefining the Lakers' direction.
Under her tenure, Jeanie focused on forging stability and rekindling the team's fervor. Her efforts bore fruit in 2020, as the arrival of the NBA's all-time scoring legend, LeBron James, led to the Lakers securing their 17th NBA title within the league's pandemic bubble, marking Jeanie's inaugural victory as principal owner.
In February 2022, Jeanie made another daring move to give the franchise a fresh lease of life by executing a high-profile trade to acquire Slovenian wunderkind Luka Doncic from the Dallas Mavericks.
The historic chapter in the Lakers' storied history drew to a close with the sale of a majority stake in the team to Mark Walter, valued at a staggering $10 billion—a record sum for a professional sports franchise[4]. Despite the change in ownership, Jeanie Buss will continue to serve as the team governor temporarily.
[1] Sports Business Journal
[2] Los Angeles Times
[3] ESPN
[4] Forbes
Mark Walter, the new owner of the Los Angeleno Lakers, is also the proprietor of the Los Angeles Dodgers and TWG Global, which shows his involvement in sports like basketball and baseball. Under Jerry Buss's leadership, the Lakers transformed the NBA into a global entertainment powerhouse, establishing the team as an internationally recognized brand, and this new ownership transition could potentially continue this trajectory. Despite Jeanie Buss's temporary stewardship, the historic sale of a majority stake in the team to Mark Walter, valued at $10 billion, marks a new era for the Lakers, where basketball and sports entertainment might continue to thrive under his management.
