N🟁N

After a whopping sale, the Los Angeles Lakers will no longer be the Buss family business | TSN

The article from TSN, titled "After a whopping sale, the Los Angeles Lakers will no longer be the Buss family business," delves into the significant shift in ownership of the Los Angeles Lakers, one of the most storied franchises in the NBA. The piece, authored by Rick Westhead, was published on July 27, 2023, and provides a comprehensive look at the sale of the team, its implications, and the broader context of NBA franchise ownership.

The sale of the Lakers to a group led by billionaire businessman Todd Boehly marks the end of an era for the Buss family, who have been synonymous with the Lakers since Dr. Jerry Buss purchased the team in 1979. The sale price, reportedly around $4 billion, underscores the immense value of the franchise and reflects the growing trend of sports teams being seen as lucrative investment opportunities by wealthy individuals and groups.

The article begins by outlining the history of the Buss family's ownership of the Lakers. Dr. Jerry Buss, a real estate magnate, acquired the team for $67.5 million, a figure that seems almost trivial compared to the current sale price. Under Buss's stewardship, the Lakers became one of the most successful franchises in sports, winning 10 NBA championships during his tenure. Buss was known for his innovative approach to team management and his ability to attract top talent, both on and off the court.

Following Dr. Buss's death in 2013, the team was passed down to his six children, with his daughter Jeanie Buss taking the helm as the team's governor. Jeanie Buss has been instrumental in maintaining the Lakers' competitive edge, overseeing the team's resurgence in recent years, including the 2020 NBA championship. However, the decision to sell the team was influenced by a variety of factors, including the desire to diversify the family's assets and the increasing financial demands of running a top-tier NBA franchise.

The sale to Todd Boehly's group is described as a strategic move that aligns with the evolving landscape of sports ownership. Boehly, who also owns stakes in the Los Angeles Dodgers and Chelsea Football Club, is part of a growing trend of investors who see sports franchises as part of a broader portfolio of assets. The article notes that Boehly's group includes other high-profile investors, such as Mark Walter and Magic Johnson, the latter of whom has a storied history with the Lakers as a player and executive.

The implications of the sale are discussed in detail, with the article highlighting the potential impact on the team's operations and future direction. While Jeanie Buss will remain involved with the team as a consultant, the shift in ownership could lead to changes in management and strategy. The article suggests that Boehly's group may bring a more business-oriented approach to the Lakers, potentially focusing on maximizing revenue through new sponsorships, media deals, and other commercial ventures.

The broader context of NBA franchise ownership is also explored, with the article noting the increasing involvement of private equity firms and other institutional investors in sports. The sale of the Lakers is seen as part of a larger trend in which sports teams are becoming more attractive to investors due to their potential for growth and profitability. The article cites examples of other recent high-profile sales, such as the purchase of the Brooklyn Nets by Joe Tsai and the acquisition of the Phoenix Suns by Mat Ishbia, to illustrate this trend.

The article also touches on the potential impact of the sale on the Lakers' fan base and the city of Los Angeles. The Lakers are more than just a basketball team; they are a cultural institution in Los Angeles, with a passionate and loyal fan base. The sale to a new ownership group could raise concerns among fans about the team's identity and commitment to the community. However, the article suggests that Boehly's group is aware of the importance of maintaining the team's connection to its fans and the city.

In addition to the sale itself, the article discusses the financial aspects of the deal, including the valuation of the Lakers and the potential tax implications for the Buss family. The sale price of $4 billion is noted as a record for an NBA franchise, reflecting the team's strong brand and market position. The article also mentions the potential for the Buss family to face significant capital gains taxes, although it notes that they may have taken steps to mitigate this through various financial strategies.

The article concludes by reflecting on the legacy of the Buss family and their impact on the Lakers and the NBA as a whole. Dr. Jerry Buss is remembered as a visionary owner who transformed the Lakers into a global brand, while Jeanie Buss is praised for her leadership and dedication to the team. The sale to Boehly's group is seen as a new chapter in the Lakers' history, one that will be closely watched by fans and industry observers alike.

Overall, the article provides a thorough and insightful analysis of the sale of the Los Angeles Lakers, offering a detailed look at the history of the Buss family's ownership, the motivations behind the sale, and the potential implications for the team and the broader NBA landscape. It serves as a valuable resource for anyone interested in understanding the dynamics of sports franchise ownership and the evolving nature of the NBA.

Read the Full TSN Article at:
[ https://www.tsn.ca/nba/after-a-whopping-sale-the-los-angeles-lakers-will-no-longer-be-the-buss-family-business-1.2323822 ]