What's happened
Mark Walter has taken control of the Lakers, firing Jesse and Joey Buss after acquiring the team for $10 billion. The Dodgers executives Friedman and Zaidi are advising Walter during the transition, which follows the sale of the Lakers from the Buss family. The move marks a significant shift in Lakers management and ownership structure.
What's behind the headline?
The firing of Jesse and Joey Buss signals a decisive move by Mark Walter to consolidate control over the Lakers, ending decades of family-led management. The involvement of Dodgers executives Friedman and Zaidi indicates a strategic push towards a more analytical and modern approach to team operations. This transition reflects a broader trend of billionaire owners bringing in experienced sports executives to overhaul traditional management structures. The sale's record valuation underscores the Lakers' immense commercial and cultural value, making this a landmark moment in sports ownership. The departure of the Buss brothers, who expressed disappointment and felt sidelined, highlights ongoing tensions within the franchise's leadership. Going forward, Walter's influence is likely to reshape the Lakers' organizational culture, potentially impacting team performance and franchise stability.
What the papers say
The New York Post reports that Mark Walter's acquisition of the Lakers for $10 billion marks a historic shift in sports ownership, with the Dodgers executives Friedman and Zaidi advising during the transition. ESPN details the firing of Jesse and Joey Buss, who expressed disappointment and a lack of communication with Jeanie Buss. AP News confirms the departure of the Buss brothers, emphasizing their long-standing roles and the internal family dynamics at play. The articles collectively highlight the significant change in Lakers management, the sale's record valuation, and the internal tensions that have now come to the forefront.
How we got here
The Lakers, owned by the Buss family since Jerry Buss's death in 2013, recently sold a majority stake to billionaire Mark Walter for $10 billion. Walter also owns the Dodgers, which he purchased in 2012 for $2.15 billion. The sale was approved last month, allowing Jeanie Buss to remain as Lakers governor for at least five years. The Buss brothers, Jesse and Joey, who held key roles for over a decade, were fired amid internal power struggles and a shift towards new ownership control.
Go deeper
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Mark Richard Walter is an American businessman and the chief executive officer of Guggenheim Partners, a privately held global financial services firm with more than $325 billion in assets under management.
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Jeanie Marie Buss (born September 26, 1961) is an American sports executive who is the governor and minority owner of the Los Angeles Lakers of the National Basketball Association (NBA), and co-owner and promoter of the U.S. women's professional wrestling
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The Los Angeles Lakers are an American professional basketball team based in Los Angeles. The Lakers compete in the National Basketball Association as a member of the league's Western Conference Pacific Division.