Mark Walter will be the new majority owner of the Los Angeles Lakers. But he won’t be the team’s governor. That job title still belongs to the old owner. It’s complicated.
Walter and the Buss family are in the process of closing the most expensive team sale in professional sports history, with the Lakers valued at $10 billion. The deal was hailed as a new start for the Lakers after more than four decades under the Buss family, which saw 11 NBA titles but also criticism toward the end.
However, it’s been established that while Walter, who has seen great success owning the Los Angeles Dodgers, will be the new owner, Jeanie Buss will remain in her role as team governor for “the foreseeable future.”
Wednesday saw a pair of outlets try to provide some clarity on how long that future might be. The Athletic’s Sam Amick reported in the morning that the Buss family’s agreement with Walter stipulates that Jeanie remain governor for at least five years, so basically until the 2030s. Not long after, Front Office Sport’s Ben Horney reported the opposite: Jeanie will remain governor for five years at most.
The plot thickened later in the day when Front Office Sports updated its article to say that two other sources told them what The Athletic reported, while keeping in its initial source saying “at most.” It makes for a confusing paragraph:
Two sources familiar with the matter tell Front Office Sports the agreement—which carries a jaw-dropping $10 billion valuation—will allow Buss to remain as team governor for “at least” five years. Sam Amick of The Athletic also reported that earlier Wednesday. Another source familiar with the matter, however, tells FOS that Buss will only be able to stay on for “at most” five years.
So when can Lakers fan expect to have a new governor in the building? It remains unclear, though the majority of sources are clearly saying it’s at least five years.
Jeanie Buss will remain Lakers governor for an amount of time to be confirmed later. (Photo by Robin L Marshall/Getty Images)
(Robin L Marshall via Getty Images)
However long Jeanie is calling the shots for the Lakers, the team’s fans (and haters) can probably expect a team a little more aggressive with its financial might. While teams like the Golden State Warriors and Los Angeles Clippers have rung up enormous luxury tax bills over the past decade, the Buss family has been a bit more conservative, running their team more in line with a family business.
Keeping Jeanie at least maintains stability during a transition, and this deal isn’t unprecedented. The Boston Celtics are currently doing something similar, with former majority owner Wyc Grousbeck staying on as governor once he sells the team for $6.05 billion. Mark Cuban also stayed on after selling the Dallas Mavericks, but was phased out enough that he was as shocked as everyone by a certain trade with the Lakers.
Read the full article here