What's happened
The Los Angeles Lakers, valued at $10 billion, have been sold to Guggenheim Partners, with Jeanie Buss remaining as governor for at least five years. The deal, announced in June, is expected to close soon, marking the highest valuation for a sports franchise.
What's behind the headline?
The sale of the Lakers signifies a major shift in sports ownership, with Guggenheim's Walter acquiring the franchise at a record valuation. This move underscores the increasing financial value of sports teams, driven by global branding and media rights. Jeanie Buss's continued role provides stability, but the sale highlights the growing influence of billionaire investors in sports. The deal also aligns with broader trends of diversification, as Guggenheim owns multiple sports entities, including the Dodgers and a new F1 team. This consolidation could reshape franchise management and investment strategies, emphasizing long-term profitability over traditional team loyalty. The Lakers' brand remains a key asset, and the new ownership aims to sustain its legacy while leveraging its global reach for future growth.
What the papers say
The AP News reports the sale was confirmed and highlights Jeanie Buss's ongoing role. The Independent emphasizes Buss's continued oversight for at least five years, providing stability. Bloomberg notes Walter's broader sports investments, including the Dodgers and F1 team, illustrating Guggenheim's strategic expansion. The coverage collectively underscores the transaction's significance in sports finance, with a focus on valuation, ownership stability, and strategic growth.
How we got here
The Lakers, owned by Jerry Buss since 1979, are now primarily owned by Walter of Guggenheim Partners. The sale was announced in June and reflects the franchise's global influence and historic success. Jeanie Buss will continue overseeing operations, maintaining continuity amid the transition.
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 controlling owner and president of the Los Angeles Lakers of the National Basketball Association (NBA), and co-owner and promoter of the U.S. women's professional wrest
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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.