Jeanie Buss Arabian has been the leader of the Los Angeles Lakers since 2013. Now, she’s apparently considering an end to her family’s long-held control of the franchise. As such, plenty of fans and media alike were caught off guard with the announcement. Ever since Jerry Buss purchased the team in 1979, the Buss family has been tightly woven into the fabric of the organization. Jeanie Buss is the 72-year-old sports mogul’s second-oldest, and recognized, child. Now, it’s true that she became governor in 2013 when her father passed away.
With Jeanie Buss at the helm, the Lakers have weathered storms as much as they have enjoyed triumphs, such as a championship title in 2020. Though her tenure hasn’t been without its challenges. She has at times flinched at the purse strings, most famously during the breakup with cult darling Alex Caruso. The Buss family’s front office is more tight-knit than most other competitive franchises. This might have influenced her ability to make informed decisions.
Jeanie Buss may not have publicly explained her reasons for potentially putting the Lakers up for sale, but here’s what you need to know. To retain her gubernatorial seat, she needs to maintain a minimum 15% ownership interest in the franchise. This provision ensures that for the time being she remains closely engaged with the organization. In the meantime, bills to sell her inheritance are picking up momentum.
Jeanie Buss has been the one constant. In February 2017, she became an unpleasant surprise to many by firing her brother, Jim Buss. She eliminated his power by taking away his title as head of basketball operations. After this fateful decision, she hired in Earvin “Magic” Johnson and Rob Pelinka to run the team’s basketball operations. In short, their stewardship has been marked by an overarching mission to construct a truly competitive team that does justice to the Lakers’ celebrated legacy.
In recent discussions about the franchise’s future, Jeanie Buss expressed her belief in the importance of family involvement in business. “The majority of businesses in this country are family-owned businesses,” she stated, highlighting her deep-rooted connection to the Lakers.
Speculation on who would be interested in purchasing the team is already running rampant. Perhaps the most prominent of those names is Mark Walter, current owner of the Los Angeles Dodgers. With her deep friendship with Walter, Jeanie Buss brings an important level of trust and confidence to these discussions. He’s earned the benefit of the doubt for the leadership he’s built with the Dodgers. This impressive history should be encouraging for the Lakers if a deal does materialize.
“I know that my sister Jeanie would have only considered selling the Lakers organization to someone she knows and trusts would carry on the Buss legacy, started by her father Dr. Buss,” – Magic Johnson
Walter’s dedication to Los Angeles sports is well known. Dave Roberts, Dodgers manager, lent perspective to Walter’s commitment to the home teams. “He’s really committed to the city of Los Angeles in various ways, and sports is something that he’s very passionate about,” he noted. This passion would be an important factor to bring with him were he to assume control of the Lakers in a similar capacity.
Additionally, Roberts emphasized Walter’s competitive nature and his desire to bring success to every team he manages. “Speaking (as) a Dodger employee, he’s very competitive and he’s going to do everything he can to produce a championship-caliber team every single year and make sure the city feels proud about the Lakers and the legacy that they’ve already built with the Buss family.”
Owning the Lakers has monumental financial ramifications. If Jeanie Buss completes a deal, it’ll be to her personal financial windfall because her net worth would rise dramatically. As of 2023, the franchise is valued at $7 billion, making it one of the most valuable sports teams in the world. Its historical importance and ardent fan base propel its success.
The Buss family’s grip on the storied Lakers organization has lasted for more than four decades. Jerry Buss had purchased the team (and the NHL’s Los Angeles Kings) for $67.5 million. He gained control of the Forum arena and a huge ranch as part of the deal. In today’s dollars, this investment is worth billions. It’s an impressive financial success story and proof of its cultural contribution to greater Southern California.
As discussions surrounding a potential sale progress, many fans are left pondering what this change could mean for the future of their beloved team. The Lakers are not simply a professional basketball organization. They represent a history that has enriched Los Angeles sports culture for decades.
