Who owns the Lakers? Here is everything we know about the team
LA Lakers, the American National Basketball Association club, has undergone several ownership changes, begging the question, who owns the NBA Lakers?
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The LA Lakers franchise began after purchasing a disbanded team in 1947. The new team started playing in Minneapolis before relocating to Los Angeles during the 1960/61 season to establish itself as an award-winning team.
Who owns the Lakers right now?
As of 2023, the franchise is owned by a consortium of business moguls, with ownership stakes spread across several trusts and individuals. Outlined below is the Lakers ownership breakdown:
Buss family trusts
Jerry Buss was the team's legendary former owner. He is remembered for his ubiquitous contribution to professional sports. His unprecedented success as the owner of a basketball team significantly contributed to his triumph as a businessman.
Philip Anschutz
Philip Anschutz was one of the LA Lakers' most important stakeholders. According to reports, Phillip intends to sell his 27% stake in the team.
Anschutz owns and controls companies in several industries, including railroads, energy, sports, real estate, newspapers, theatres, arenas, movies and music.
In July 2021, it was announced that Philip had acquired 27% of AEG, the world's leading sports company. This translated into the minority ownership being handed over to Mark Walter of the Dodgers Chiefs and Todd Boehly, the owner of Chelsea Football Club.
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Edward P. Roski
Besides co-owning the Lakers, Edward P Rosi is also the chairman and president of the Board of Majestic Realty Co. He owns more than 83 million square feet of real estate across the United States. He is also a minority shareholder at the LA Lakers.
Patrick Soon-Shiong
Patrick Soon-Shiong, an American billionaire and business mogul, is also known for his ownership stake in the LA Lakers. Besides his business acumen, Patrick is a revered surgeon and icon in the medical field. He invented Abraxane, a drug known for its use against breast, lung and pancreatic cancer.
Does Magic Johnson own any of the Lakers?
Soon bought a 4.5% stake in the LA Lakers from NBA legend Magic Johnson, who also owns the Los Angeles Times. Magic Johnson is a former part-owner of the Lakers. He was the team's president in the late 2010s.
When did Jerry Buss buy the Lakers?
Jerry Buss purchased the Lakers in 1979 in a multifaceted $6.75 million deal that included the NHL Kings, the Great Western Forum in Inglewood, the Lakers and a 13,000-acre ranch in the Sierra Nevada Mountains. The deal was his vision, the concept of sports entertainment.
Therefore, Buss added entertainment aspects to the game, an idea that had never been implemented in any other sport. He added cheerleaders and a live band to perform during sports warmups, which revolutionalised the entertainment experience. As a result, more people looked forward to games.
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Who is the new owner of the Lakers?
Before Jerry Buss succumbed to kidney failure on 18th February 2013, aged 80, he owned 66% of the stake at Lakers. His ownership stake was subdivided to his six children evenly at 11% each. His children, Johnny, Jim, Jeanie, Janie, Joey and Jesse, worked for the LA Lakers when Buss died.
Who is LA Lakers president Jeanie Buss?
Jerry Buss' eldest daughter, Jeanie, is the current owner of the Lakers. She is also the governor and representative at NBA board meetings. Jeanie became the first female controlling owner to win the NBA championship with the LA Lakers since Buss' death. The team won the championship in 2020. Jeanie had previously served numerous roles for her father before his death.
Jeanie took over as the president of the LA Lakers team after her father's death and is the undisputed boss of the franchise. Nonetheless, it has not been smooth sailing.
In 2017, Jeanie sacked her brother, Jim, who served as the Executive Vice President of Basketball Operations. A significant power struggle in the organisation fueled the move.
Jeanie Buss also accused Johnny and Jim Buss of attempting to bust the Buss family trust and leaving the rest of the family in minority ownership. Doing so would have resulted in some of her siblings selling their 11% stake in the team and preventing her from legally being the controlling owner of the Lakers.
As a result, Jeanie and some of her siblings were engaged in a hefty legal battle and boardroom politics. The Buss family still maintains a controlling stake and owns the Lakers today.
How much is the Lakers worth now?
The LA Lakers are at the top of the most championships won. The team is also regarded as one of NBA's most storied franchises. Financially, the Lakers are worth $6.44 billion.
How rich is the owner of the Lakers?
The owner of the Los Angeles Lakers, Jeanie Buss, is worth $500 million. Jeanie started her career at 19 by becoming the Los Angeles Strings general manager, a professional tennis team. She later became the president of the Greater Western Forum, the owner of Los Angeles Blades and later the co-founder and promoter of Women of Wrestling.
If you were wondering who owns the Lakers, these details answer the question. They also provide snippets of the team's transcendence to success and power dynamics over the years.
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Source: Briefly News
