Why did Jeanie Buss and her family sell majority LA Lakers stake to Mark Walker? Closer look at latest reports on $10B return

The LA Lakers, led by Jeanie Buss and her family, are reportedly being sold. The deal, which was announced by ESPN’s Shams Charania, is valued at $10 billion, making it the largest in sports history. The team is being sold to Mark Walter, the partial owner of the Los Angeles Dodgers and Chelsea FC.

On Wednesday, ESPN’s Dave McMenamin on SportsCenter shared insights on why Jeanie took the deal. McMenamin claimed that the deal had something to do with her closest companions on the Board of Governors, Mark Cuban of the Dallas Mavericks and Wye Grousbeck of the Boston Celtics, selling their stakes as well.

“You just have to look back to recent history,” Dave McMenamin said. “So you start in 2021, the Lakers sell off a piece of the team to Mark Walter. … But then you think 18 months ago, Mark Cuban sells off the majority stake of the Dallas Mavericks for $3.5 million. And then three months ago in March, with Grosbeck and the Boston Celtics sell for $6.1 billion.”

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According to sources, the Buss family, led by Jeanie Buss, will retain a minority stake of at least 15%, with Jeanie continuing in her role as team governor. Mark Walter, who is CEO of Guggenheim Partners, already owns a minority stake in the Lakers, having purchased 27% of the team in 2021.

The Lakers have been owned by the Buss family since 1979. Jeanie’s late father, Jerry Buss, purchased the team from Jack Kent Cooke for $67.5 million, and after he died in 2013, the ownership was passed to a trust controlled by his six children, with Jeanie later becoming the controlling owner in 2017 after a family dispute.

Jeanie Buss to run Lakers for an extended period, league sources say

The decision to sell the Lakers by controlling owner Jeanie Buss took the basketball world by surprise. On Wednesday, ESPN’s Ramona Shelburne reported that Jeanie will still continue to run the organization for an extended period of time.

"Important to note. Jeanie Buss will not only remain the Lakers governor, but will continue to run the team for “at least a number of years,” It was guaranteed as part of the agreement that Jeanie would remain in charge for the foreseeable future & Mark Walter fully endorsed this plan, according to sources."

While Jeanie will be careful of the fate that befell close confidant Mark Cuban at the Mavericks, it seems like an interesting period for the Purple and Gold.

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About the author

Ubong Richard Archibong

Ubong Richard Archibong is an NBA and WNBA journalist at Sportskeeda with over a year's experience in the field with FirstSportz.

Ubong is an LA Lakers fan, and he grew up watching Kobe Bryant taking on everyone with his Mamba mentality. Ubong's love for the Lakers hit another level when his favorite player, LeBron James, joined LA from the Cavs. Other than LeBron, Ubong likes Anthony Edwards, Kobe Bryant, Allen Iverson and Phil Jackson.

Beyond the court, Ubong is a traveler at heart and a Chelsea fan, always ready for the thrill and tension they bring. When not working, Ubong likes traveling and volunteering.

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