The iconic Los Angeles Lakers basketball franchise has officially changed hands, concluding 46 years of majority ownership by the Buss family in a monumental $10 billion deal.
A New Era for the Lakers
Following the passing of their father, Dr. Jerry Buss, in 2013, his six children—Jeanie, Johnny, Jim, Janie, Jesse, and Joey—inherited the storied NBA team. The family has now agreed to sell a majority stake to Los Angeles-based sports magnate Mark Walter. The transaction received the formal approval of the NBA in October.
While the family relinquishes majority control, they are retaining a 15 percent minority stake in the franchise. Jeanie Buss, who has served as the team's principal owner for years, will continue in a leadership role as the Lakers' governor for at least five more years.
Billion-Dollar Payouts and Family Rifts
The sale of one of North America's most valuable sports organisations resulted in a massive financial windfall for the Buss heirs. According to reports from the Sports Business Journal, each of the six children received a payout of nearly one billion dollars.
However, the transition has not been smooth for all family members. Shortly after the sale was finalised, siblings Joey and Jesse Buss were dismissed from their scouting roles within the organisation.
In a candid interview with The Athletic, Jesse Buss expressed his frustration, revealing he had not spoken to his sister Jeanie or General Manager Rob Pelinka in five months. He described feeling isolated and treated "like an enemy" within the organisation, despite only wanting the team's success.
Jesse also cited the launch of a new investment firm, Sports Capital Group, which he started with his brother Joey two months ago. He insisted the venture was not a threat to his sister but a personal project for the brothers. The move, however, appears to have deepened existing tensions.
Legacy and the Future
Jesse reflected on his father's original wishes for his sons to run the basketball operations, but acknowledged that the recent changes seem permanent. He noted that the sale "solidified" his feeling that "the writing was on the wall" for his tenure with the Lakers.
Despite the internal family drama, the Lakers are performing strongly on the court, currently sitting fourth in the competitive Western Conference standings. As the Buss family's chapter as majority owners closes, the team's future under its new ownership structure begins.
