LA Lakers' intended $10,000,000,000 sale to Mark Walter not decided by unanimous Buss siblings vote: Report

Multiple reports came out Wednesday about the Buss family agreeing to sell the LA Lakers for a record $10 billion. Mark Walter, who also owns the LA Dodgers, becomes the principal owner once the deal goes through. After nearly half a century as major stakeholders, the Buss family will hand the reins of the franchise to the Walter-led group.

NBA insider Dave McMenamin gave an inside scoop into how the Buss siblings voted for the sale.

Dave McMenamin

@mcten

LINK

The Los Angeles Lakers intended $10 billion sale to Mark Walter was approved by the Buss siblings through a majority vote, a source familiar with the situation told ESPN

The late Jerry Buss bought the LA Lakers from Jack Kent Cooke in 1979 for $67.5 million. Following his passing in 2013, control of the franchise went to his six children via a trust that owns 66% of the team, per CBS Sports.

Apparently, a unanimous vote was not needed for the Buss family to surrender principal ownership. Based on the intended amount of the sale and the Buss children’s total share, every Buss sibling will pocket roughly $1.1 billion.

LA Lakers legend Magic Johnson, a Dodgers co-owner, approved the deal.

Earvin Magic Johnson

@MagicJohnson

LINK

Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the

@Lakers

legacy and tradition of winning - Mark Walter, my business partner and friend! Mark Walter is the best choice and will be the best caretaker of the Laker brand.

Mark Walter is no stranger to arguably the NBA's flagship franchise and the Buss family. According to Shams Charania, the billionaire has held a 26% share of the franchise since 2021 and had the “right of first refusal on the majority share.” The billionaire grabbed the opportunity to become the majority owner in what will become the most expensive purchase in US sports history.

---

Jeanie Buss will have a key role to play for LA Lakers franchise following sale

The Buss family will retain 15% of the LA Lakers ownership “for a period of time,” according to Shams Charania. Besides a minority stake, Jeanie Buss will remain a key figure for the team.

Charania’s ESPN colleague Ramona Shelburne had the latest on Jeanie’s future involvement with the team.

Ramona Shelburne

@ramonashelburne

LINK

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,” according to sources with knowledge of the deal. In other words, it was guaranteed as part of the agreement that Jeanie Buss would remain in charge for the foreseeable future & Mark Walter fully endorsed this plan, according to sources.

Only time will tell if Mark Walter will continue to let Jeanie Buss keep her role as team governor and run the team.

In 2023, Mark Cuban sold majority ownership of the Dallas Mavericks and remained in control of basketball operations. Once the new ownership took over the following year, Cuban could not hold on to his role. Patrick Dumont, the team governor, gave the position to Nico Harrison, who also functions as the General Manager.