It came as a pretty big shock when it was announced that the Jeanie Buss and the Buss family were selling their majority stake of the Los Angeles Lakers to L.A. Dodgers owner Mark Walter for a $10 billion valuation. It felt like the Buss family would always own the Lakers, but they ultimately chose to sell to Walter who already had a minority ownership stake in the franchise.
The sale has now become official after getting approved by the NBA Board of Governors, who voted unanimously in favor of the deal. But ever since this deal was in the works it had been reported that Jeanie would remain part of the organization, continuing in her role as team Governor for the foreseeable future, and now there is a timeframe on that.
As part of the press release announcing the approval of the sale by the Lakers, it was revealed that Buss would remain as team Governor for at least the next five years:
The Buss family, which has owned a majority stake in the Lakers since Dr. Jerry Buss bought the team in 1979, will retain an ongoing interest. Jeanie Buss will remain the team’s Governor for a period of at least five years following the closing of the transaction.
Oftentimes when someone takes over as the owner of a franchise, they are quick to make big moves and put their stamp on things. Walter is looking to avoid this and not have a lot of massive turnover that could negatively affect the Lakers.
There is no one who knows the Lakers better than Buss and keeping her as Governor should allow for a smooth transition for Walter taking over. And for Buss to get this in writing as part of the sale ensures there won’t come a time where she is forced out.
Walter and Buss have built a strong relationship over the past few years in which Walter was a minority owner and have trust in one another. Continuity throughout a franchise is crucial and the Lakers are ensuring that everyone will remain on the same page despite the change in ownership.
Jeanie Buss believes Luka Doncic is ideal representation of Lakers basketball globally
Mark Walter is taking over a Lakers team that has a true face of the franchise in superstar guard Luka Doncic. And Jeanie Buss believes Doncic is the perfect representation for the Lakers’ global brand.
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