To borrow the title of a hit 1980s sitcom, the question surrounding the Los Angeles Lakers right now is, who's the boss? Last week, majority owner Mark Walter, who had purchased his share of the team from the Buss family just last October, agreed to sell it to Josh Kushner and Bob Iger. Now, five of the six Buss siblings have agreed to sell their remaining 17.8% share to Kushner and Iger.
Naturally, there are lots of questions regarding why both Walter and the Buss family want to give up ownership of the storied franchise. But Hall of Fame center Shaquille O'Neal, who helped lead the Lakers to three straight NBA championships in the early 2000s, said on ESPN's "SportsCenter" that he understands why five of the Buss siblings want to sell, and he implied
that it is about the money.
“I have great admiration for the Buss family,” O’Neal said during a recent appearance on SportsCenter. “Learned a lot of business acumen from watching them. And I can remember how much Mr. Buss paid for the team. So if the rumors are true on how much they sold it for, I think it was a monumental business move.
“It will be different not knowing that the Buss family is there with the Lakers, but I want to wish them well, want to congratulate them. Thank you for the great memories that they gave me. But from a business standpoint, for what they purchased it for to what they’re selling it for, you get the golf clap.”
The Buss family has owned at least part of the Lakers since 1979, when Dr. Jerry Buss purchased the team, the National Hockey League's Los Angeles Kings, The Forum and a 13,000-acre ranch in the Sierra Nevada mountain range for a total of $67.5 million. In his 34 years as the Lakers' owner, the franchise reached the NBA Finals 16 times and won the world championship 10 times, making it one of the truly preeminent franchises in all of sports.
Ever since Dr. Buss died in 2013, his daughter, Jeanie, has been the Lakers' controlling owner and governor. Since then, they haven't been nearly as successful. While they won the NBA title in 2020, they have also missed the playoffs seven times and gotten past the first round of the playoffs just three times since 2013.
Walter bought his majority share last year at a $10 billion valuation, which was a record at the time. The $12.5 billion valuation that Kushner and Iger are buying Walter's stake for is the new record for a United States sports team.
The younger Buss is reportedly open to finding a way to retain at least a 15% ownership stake in the Lakers so she can remain in her role as governor. When Walter made his purchase, an agreement was made that she would stay as governor through 2030.
She is the one Buss sibling who is against selling the family's collective share of the team.
This article originally appeared on LeBron Wire: Shaquille O'Neal understands why Buss siblings want to sell Lakers
