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Why Lakers’ Jeanie Buss decided to vote for $10 billion sale
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- Why Lakers’ Jeanie Buss decided to vote for $10 billion sale
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The post Why Lakers' Jeanie Buss decided to vote for $10 billion sale appeared first on ClutchPoints .
Jeanie Buss has for the longest been the face of the Buss Family and their Los Angeles Lakers ownership, a legacy that spans back to 1979. On Wednesday, a majority of the six siblings voted in favor of selling the Lakers to billionaire Mark Walter, who is also the owner of the Los Angeles Dodgers . Despite previously being against a sale, Jeanie was among her siblings who voted in support.
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Reports indicate that the decision came as a result of the offer being seen as 'impossible to refuse,' especially at a time when the Buss family had begun to contemplate estate planning and were already in favor of a sale . While Jeanie was the last among the family who wanted to keep the team, a sale had for the longest looked inevitable.
"I believe it's a good day for the family, and [Dr. Jerry Buss] is smiling down from heaven," a source close to the Lakers stated, via Tom Friend of the Sports Business Journal.
The Buss family will retain around 15% ownership of the team, with Jeanie set to continue as the team governor. Mark Walter has been a minority stakeholder in the Lakers since 2021, and will now be the sole majority owner.
Dr. Jerry Buss had structured the trust in such a way that only his six children could vote on any potential sale, according to Ramona Shelburne of ESPN. Jeanie's siblings were known to be in favor of a sale for considerable time, and had even tried to force her out as the chairman of the board back in 2017. However, she ended up winning the vote, and finally appears to have sided with her siblings.
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The Buss family's fortune was reportedly majorly tied up with the Lakers. This is in contrast to most other NBA owners, who make their wealth outside of the league. As a result, they were known to have operated frugally in various secondary aspects, including paying coaches, front-office executives, and buying second-round draft picks.
With NBA ownership demanding regular external capital, a sale is understood to have been on the cards for a long time. One league source noted that the Lakers will now be able to "spend like they should spend," thanks to Walter's liquidity and $6.1 billion net worth.
The Buss family may have struggled in recent years when it comes to the Lakers' ownership. However, they revolutionized NBA ownership and were chiefly responsible for making Lakers a global brand. Jeanie Buss is expected to continue playing an important role in the organization, although things can change once Mark Walter officially takes charge.
Related: Lakers rumors: Nick Wright predicts Austin Reaves' trade value after Desmond Bane deal
Related: Sources: Why Lakers rivals hoped Jeanie Buss would never sell franchise
