The Buss siblings are on their way out as the majority owners of the Los Angeles Lakers, but Jeanie Buss will still apparently have a big say in the franchise’s day-to-day operations.
The surprising news broke on Wednesday that Jeanie and her siblings have decided to sell their majority stake in the Lakers to businessman Mark Walter for a record-shattering valuation. Walter, the primary owner and chairman of MLB’s Los Angeles Dodgers, already owns a 27-percent stake in the Lakers and is now set to take over as the iconic NBA franchise’s new majority owner.
Initial reports were that Jeanie would be continuing in her role as the Lakers’ governor, even after completion of the sale to Walter. Ramona Shelburne of ESPN confirmed those reports and added that Jeanie will continue to run the team for “at least a number of years.” Shelburne notes that it was “guaranteed” as a part of the agreement that Jeanie would remain in charge for the “foreseeable future” and that Walter was fully on-board with the plan.
The late Dr. Jerry Buss initially purchased the Lakers in 1979 for a sum of $67.5 million. After Dr. Buss died in 2013, ownership of the franchise passed down to his six children in equal shares. However, it was Jeanie who took over Dr. Buss’ role as governor of the Lakers as well as team representative in NBA Board of Governors meetings.
Jeanie had some very public power disputes with her siblings in years past (mainly her older brother Jim, who used to serve as the Lakers’ executive vice president of basketball operations). But in more recent years, Jeanie had solidified herself as the franchise’s No. 1 decision-maker.
The reported arrangement between Jeanie and Walter now has many fans bringing up the comparison of the Dallas Mavericks. Last year, longtime Mavericks owner Mark Cuban sold his majority share to the Adelson family but was expected to remain in control of the franchise’s basketball operations. However, Cuban was ultimately pushed out of the decision-making fold and effectively did not have a say when Dallas traded away franchise player Luka Doncic in February.
Shelburne does note as well though that the Lakers’ situation is different from that of the Mavericks because Jeanie’s continued role as governor is “guaranteed” as part of her agreement with Walter, with whom she has “built a strong relationship over the last decade.” As such, Jeanie, who has not always been the most popular figure with Lakers fans, will still have her imprints on the franchise for a good while longer.
