The NBA board of governors unanimously approved Mark Walter’s bid to buy a majority stake in the Lakers on Thursday, the league announced, marking a major shift for one of L.A.’s most significant sports teams.
The Lakers had been a family-run team since Dr. Jerry Buss bought the franchise in 1979. When he died in 2013, control went into a family trust with daughter Jeanie Buss acting as the team’s governor. The Buss family built the team into one of the most recognizable brands in sports, eventually attracting a record-breaking $10-billion valuation. While the sale was finalized, Jeanie Buss will be the team’s governor for at least five years after the transaction officially closes, the league announcement stated.
“The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness,” Walter said in a statement released by the team. “Few teams carry the legacy and global influence of the Lakers, and it’s a privilege to work alongside Jeanie Buss as we maintain that excellence and set the standard for success in this new era, both on and off the court.”
Walter, who also heads the group that owns the Dodgers and the Sparks, was seated next to Buss at the Lakers’ season opener on Oct. 21. Walter and Todd Boehly have been minority stakeholders in the Lakers since 2021 when they bought 27% of the franchise.
To represent the team as a governor, a minority owner must have at least 15% stake of their team. Buss will continue to oversee day-to-day team operations for the foreseeable future, the Lakers announced.
“Over the past decade, I have come to know Mark well — first as a businessman, then as a friend and now as a colleague,” Buss said in a statement. “He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and, on behalf of Lakers fans everywhere, I am beyond excited about what our future has in store.”
During a recent Lakers game, when the camera panned to Buss and Walter sitting courtside, Buss held one finger up to show off a gaudy Lakers championship ring. In 2020, she became the first female controlling owner to win an NBA championship as the Lakers collected their 17th title.
With 11 championships under the Buss family’s watch, the Lakers became a global sports phenomenon with stars including Kareem Abdul-Jabbar, Magic Johnson, Shaquille O’Neal and Kobe Bryant plus the latest wave of LeBron James and Luka Doncic. When Doncic signed a three-year, $165-million contract extension in August, the 26-year-old superstar thanked both Walter and Buss for their belief in his talent.
The story is so good, so rich, that Hollywood couldn’t resist.
The Lakers, a golden brand. The stars on the basketball court. The celebrities on the sidelines. The spotlight on the show flying up and down the floor 24 seconds at a time.
HBO made a series. Books have been authored. Documentaries have been filmed. No hyperbole is too outrageous.
Magic Johnson and Larry Bird helped save basketball. The Lakers were the greatest show in town. The highs and lows, the devastation and the jubilation, made them iconic.
And the ringmasters for the last 45 years have been the Buss family.
That era culminated Wednesday when a majority of Buss’ six children agreed to sell controlling interest of the franchise to Mark Walter for a record price — a $10-billion valuation that’s the highest in pro sports history.
The initial reaction to the news — a sale that shocked the Lakers’ biggest partners inside and outside of the NBA — centered on what it will mean for the organization. Will Walter and his partners pour the same financial resources that they’ve deployed to turn the Dodgers into the best team in baseball? How will their capital boost the weakest areas of the franchise’s infrastructure? What will happen next?
We don’t know for sure. We do, though, know what just wrapped — an era of pro-sports ownership unrivaled in success and melodrama.
The start
Dr. Jerry Buss wasn’t a physician — the title came from a degree in chemistry at USC. And the money? It didn’t come from science. It came from real estate. But Buss was always one to sense an opportunity, and Jack Kent Cooke’s record-breaking divorce settlement meant that he was about to capitalize on one.
In 1979, Buss scrambled to put together a wild business deal — properties and cash moving between Buss, third parties and Cooke before the self-made man ended up with The Forum, the Los Angeles Kings and, in what would be his legacy, the Los Angeles Lakers. The price was $67.5 million.
The timing was impeccable. The team would win a coin flip and with it the right to select Johnson with the No. 1 overall pick in the draft. Buss’ and Johnson’s relationship helped lay the groundwork for the player-empowerment era that dominates the current NBA, Buss realizing faster than his peers that the biggest and best players were what drove the league’s success.
In his first season as owner, the Lakers won an NBA title, kicking off a decade-long battle with the Boston Celtics that helped the NBA move from the margins of pro sports to the mainstream.
In this 1979 photo, Lakers owner Jerry Buss is shown with children (clockwise from top left) Janie, Johnny, Jim and Jeanie.
(Gunther / mptvimages.com)
Yet it was more than Johnson leading fastbreaks, flashing smiles and dishing no-look passes. It was the merging of sports and entertainment that helped define what fans now experience.
In 1979, shortly after purchasing the Lakers, Buss commissioned the first Laker Girls dance team. The Forum Club became one of the city’s hottest nightspots. The games were more than athletic contests. They were events.
For the first 12 seasons Buss owned the team, they never won fewer than 54 games in an 82-game season. Titles came in 1982 against the 76ers, 1985 and 1987 against the hated Celtics and 1988 against Detroit.
The Lakers built one of basketball’s most unstoppable machines — Jerry West in the front office, Pat Riley on the sideline and Johnson, Kareem Abdul-Jabbar, James Worthy, Byron Scott and Michael Cooper flying on the break.
As Buss became one of the NBA’s most powerful figures, his children were at his side, learning the business. His daughter, Jeanie, famously helped organize events at the Forum. The family’s true promoter spirit couldn’t be suppressed — soccer, indoor tennis, roller hockey, the Buss family tried it all.
Even after Johnson’s stunning retirement after his HIV diagnosis, the Lakers missed the playoffs just once before they fully reloaded, first with Shaquille O’Neal, then with Kobe Bryant and finally with Phil Jackson.
Nothing, though, would last forever.
The transition
In 2005, The Times’ Hall of Fame basketball writer, Mark Heisler, wrote about Buss’ succession plan coming into focus.
“Jerry Buss wanted a crowd-pleasing basketball team the movie stars could relate to but might have gone too far,” Heisler wrote. “He wound up with the greatest floating soap opera in sports, and basketball was almost beside the point.”
Still, it was Buss’ legacy.
“I just can’t visualize myself walking away, relinquishing control,” Buss said in a 2002 story in The Times. “My relationship with this team is a lifelong marriage.”
The thing about family businesses, it turns out, is that family drama is always at play.
A Sports Illustrated feature in 1998 painted a story of jealousy and unease that seemed prophetic.
Kobe Bryant, left, holds the Larry O’Brian Trophy as Shaquille O’Neal holds the NBA Finals MVP trophy in 2000.
(AFP / Getty Images)
As Buss scaled back his involvement, Jeanie took on a greater role in the business side of the franchise while son Jim became a basketball executive. And the Lakers kept on winning.
Tensions between O’Neal, Bryant and Jackson ended with the dissolution of another dynasty after three consecutive championships. Belief in Bryant led to two more rings once they reunited him with Jackson and added Pau Gasol to the mix.
Through it all, the Lakers remained a family business in its truest sense, Buss’ youngest sons Joey and Jesse learning the ropes in business and scouting in the same way his older children did.
Jeanie‘s romantic relationship with Jackson, at best, complicated things in the organization. Still, she was always the one her father intended to lead the organization, beginning when Buss put her in charge of the team’s indoor tennis franchise when she was just 19.
“I figured, ‘If Dr. Buss [she refers to him by his preferred title] says he thinks I can do it, I must be able to do it,’” Jeanie told The Times in 2002.” If he never doubted me, how could anyone else? It was only later that I thought, ‘What the hell was I doing?’”
In 2005, son Jim began to take on a bigger role in the organization, becoming the team’s vice president of player personnel.
“When I hear somebody say, ‘Are you qualified?’ I’m like, ‘If you had eight years of Jerry West plus Mitch Kupchak and all the talented scouts working on a daily basis tutoring you, I don’t know what other credentials you could have,’” Jim said then.
When Buss died in 2013 from complications of cancer, all six of his children held titles with the Lakers.
“Jerry Buss helped set the league on the course it is on today,” then-NBA commissioner David Stern said. “Remember, he showed us it was about ‘Showtime,’ the notion that an arena can become the focal point for not just basketball, but entertainment. He made it the place to see and be seen.”
While Buss was living, the Lakers missed the playoffs only twice. In the six seasons after his death, the Lakers never won more than 37 games.
Something had to change.
The fallout
Bryant took a fateful step at the end of a game late in the 2013 season, his Achilles tendon rupturing in his left leg. He miraculously made two free throws before heading to the locker room — a moment codifying him as an all-time Los Angeles legend and a moment, it turned out, that signaled the good times were about to end.
The following season, coach Mike D’Antoni’s Lakers won just 27 games, Nick Young leading the Lakers in scoring and Bryant playing only six times. After the year, Jim Buss told The Times that he saw a pathway forward and he told his family the same in a meeting earlier in 2014.
“I was laying myself on the line by saying, ‘If this doesn’t work in three to four years, if we’re not back on the top’ — and the definition of top means contending for the Western Conference, contending for a championship — ‘then I will step down because that means I have failed,’” he said. “I don’t know if you can fire yourself if you own the team … but what I would say is I’d walk away and you guys figure out who’s going to run basketball operations because I obviously couldn’t do the job.
“There’s no question in my mind we will accomplish success. I’m not worried about putting myself on the line.”
In 2015, the Lakers won only 21 games. In 2016, the team lost a franchise-most 65 times against a franchise-worst 17 wins. In 2017, they were headed to another season in which they would be more than 30 games under .500 when Jeanie fired Jim and Kupchak, the team’s general manager.
They were replaced with Bryant’s former agent, Rob Pelinka, and Johnson.
Jeanie Buss applauds the Lakers’ efforts during the team’s 2010 NBA championship ring ceremony at Staples Center.
(Chris Carlson / Associated Press)
Shortly after the decision, Jim, along with his brother Johnny, tried to remove Jeanie from the team’s board of directors, sparking a legal feud that included Jeanie filing a restraining order while she wrested control of the team.
“I must also point out that Jim has already proven to be completely unfit even in an executive vice president of basketball operations role and I recently had to replace him,” Jeanie said in court documents.
The Lakers signed LeBron James in 2018, traded for Anthony Davis and built a title team in 2020, the family’s biggest success in the years following their father’s passing.
With Jeanie firmly in charge, brother Joey helped run one of the league’s most-respected developmental teams in the South Bay Lakers — a program that helped develop players such as Alex Caruso. Jesse Buss and his scouting department found value in late first-round picks like Josh Hart and Kyle Kuzma as well as an undrafted star in Austin Reaves.
In 2022, Jeanie produced a documentary for Hulu that dealt with heaps of the family’s drama, and Wednesday’s sale not coming from a majority — and not unanimous — vote again means that not everyone is on the same page.
While the Buss family will retain minority ownership, things will never be the same in the organization. The influx of money, of modernization, of more corporate structure could help the Lakers on the court.
But what they were under the Buss family, they’ll never be again.
“I really tried to create a Laker image, a distinct identity,” Jerry Buss once said. “I think we’ve been successful. I mean, the Lakers are pretty damn Hollywood.”
From Bill Plaschke: For 46 years it’s been a wonderful ride, the sweetest of sagas, the Buss family treating the Lakers like their precocious child, nurturing, embracing, empowering, transforming them into arguably this country’s most celebrated sports franchise.
But it’s time.
It’s time to give their baby to somebody who won’t be burdened by the family ties or deep friendships that have increasingly interfered with the chasing of championships.
It’s time to hand their beloved to somebody with enough money to keep it strong and enough vision to keep it relevant.
Yes! It’s them! They’re here! Welcome, welcome, welcome! Come on in! Make yourself at home! History has been waiting for you!
This is really happening, the majority ownership of the Lakers is really being sold to Dodgers chairman Mark Walter and his TWG Global group at a franchise valuation of $10 billion, making it the richest transaction in sports history.
To Los Angeles sports fans, it’s worth even more.
For the future of professional sports in this city, it’s priceless.
This is the best thing to happen to the Southland’s sports landscape since, well, the last time Walter’s TWG Global group bought something this big.
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DODGERS
From Jack Harris: Twenty-nine hours before his official return to the Dodger Stadium mound, Emmet Sheehan took a moment to get himself reacquainted with his home ballpark.
In an empty Dodger Stadium on Tuesday afternoon, Sheehan walked onto the field at Chavez Ravine, climbed up a slope he hadn’t toed since the 2023 season, and practiced his pitching motion a few times before returning to the clubhouse.
For Sheehan, such dry tosses are part of his normal pre-start routine. In any ballpark where he pitches, he likes to get a feel for the mound and its surroundings before the game.
The only difference this time: how long it had been since he’d taken the bump in a big-league stadium.
A former sixth-round draft pick who blossomed into one of the organization’s top pitching prospects during an impressive minor-league career, Sheehan became one of the many homegrown Dodgers pitchers to endure a major surgery after injuring his elbow in spring training last year.
In recent months, however, his relatively seamless recovery process had fueled excitement throughout the organization leading up to his return on Wednesday.
And over four sharp innings in the Dodgers’ 4-3 win against the San Diego Padres — one that ended on a walk-off home run by Will Smith in the ninth — the 25-year-old right-hander showed exactly why.
Jazz Chisholm Jr. homered in the second inning to end New York’s 30-inning scoreless streak, but an error in the eighth inning gave the Angels a 3-2 win, sending the Yankees to their sixth straight loss Wednesday.
Mike Trout and Taylor Ward opened the eighth by drawing walks off Fernando Cruz (1-3), and Luis Rengifo walked on four pitches to load the bases. Jo Adell hit a 105.9-mph grounder to New York shortstop Anthony Volpe, who bobbled the ball and threw wide of second, allowing Trout to score.
The Yankees lost for the eighth time in 18 games, and their losing streak is the longest since they lost nine straight from Aug. 12-23, 2023.
Oklahoma City vs. Indiana Indiana 111, at Oklahoma City 110 (box score, story) at Oklahoma City 123, Indiana 107 (box score, story) at Indiana 116, Oklahoma City 107 (box score, story) Oklahoma City 111, at Indiana 104 (box score, story) at Oklahoma City 120, Indiana 109 (box score, story) Thursday at Indiana, 5:30 p.m., ABC Sunday at Oklahoma City, 5 p.m., ABC*
*if necessary
U.S. WOMEN’S SOCCER TEAM
From Kevin Baxter: A trio of Angel City players were called up to the women’s national team Wednesday for a pair of friendlies against Ireland and one with Canada.
Sisters Gisele and Alyssa Thompson will be reporting to their fourth training camp together when they arrive Monday in Commerce City, Colo., alongside teammate Angelina Anderson. A goalkeeper, Anderson is one of six players still looking for her first cap with the senior national team, making this 25-women roster one of the most inexperienced in recent USWNT history.
Four players will be training with the national team for the first time.
Midfielders: Croix Bethune (Washington Spirit), Sam Coffey (Portland Thorns), Claire Hutton (Kansas City Current), Rose Lavelle (Gotham), Sam Meza (Seattle Reign), Olivia Moultrie (Portland Thorns)
Forwards: Lynn Biyendolo (Seattle Reign), Michelle Cooper (Kansas City Current), Yazmeen Ryan (Houston Dash), Emma Sears (Racing Louisville), Ally Sentnor (Utah Royals), Alyssa Thompson (Angel City)
1867 — Ruthless, ridden by J. Gilpatrick, wins the inaugural Belmont Stakes at Jerome Park in the Bronx. The filly earns $1,850 for her victory.
1914 — Harry Vardon wins his sixth and final British Open by shooting a 306, three strokes ahead of J.H. Taylor at Prestwick Club.
1936 — German heavyweight boxer Max Schmeling knocks out previously unbeaten Joe Louis in the 12th round. Schmeling’s victory sets off a propaganda war between the Nazi regime and the United States.
1938 — FIFA World Cup Final, Stade Olympique de Colombes, Paris, France: Luigi Colausig & Silvio Piola each score 2 goals as Italy beats Hungary, 4-1.
1954 — Ed Furgol edges Gene Littler by one stroke to win the U.S. Open, the first golf tournament to be televised nationally.
1955 — Jack Fleck beats Ben Hogan by three strokes in a playoff round to win the U.S. Open.
1977 — Hubert Green wins the U.S. Open by one stroke over Lou Graham.
1986 — Len Bias, the second pick in the NBA draft made by the Boston Celtics two days before, dies of a heart attack induced by cocaine use.
1992 — Evander Holyfield wins a unanimous decision over Larry Holmes to remain unbeaten and retain the undisputed heavyweight title.
1992 — Charlie Whittingham becomes the second trainer in history, behind D. Wayne Lukas, to top $100 million in purse earnings when Little by Little finishes second in the sixth race at Hollywood Park.
1999 — Dallas wins its first Stanley Cup, as Brett Hull’s controversial goal at 14:51 of the third overtime gives the Stars a 2-1 victory over the Buffalo Sabres in Game 6.
2000 — NBA Finals: Lakers beat Indiana Pacers, 116-111 in Game 6 to win the franchise’s first title in 12 years; MVP: Shaquille O’Neal.
2005 — Michael Campbell answers every challenge Tiger Woods throws his way for a two-shot victory in the U.S. Open. Retief Goosen, the two-time U.S. Open champion, turns in a collapse that ranks among the greatest in major championship history. He loses his three-shot lead in three holes and closes with an 81 to tie for 11th at 8 over.
2006 — Cam Ward stops nearly everything giving the Carolina Hurricanes their first Stanley Cup title with a 3-1 victory over Edmonton in Game 7.
2011 — Rory McIlroy runs away with the U.S. Open title, winning by eight shots and breaking the tournament scoring record by a whopping four strokes. McIlroy shoots a 2-under 69 to close the four days at Congressional in Bethesda, Md., at 16-under 268.
2016 — Dustin Johnson atones for his past mishaps in the majors winning the U.S. Open by three shots. Shane Lowry, who began the final round with a four-shot lead, Jim Furyk and Scott Piercy finish tied for second.
2016 — LeBron James and his relentless Cavaliers pulls off an improbable NBA Finals comeback to give the city of Cleveland its first title since 1964. James delivers on a promise from two years ago to bring a championship to his native northeast Ohio, and he and the Cavs become the first team to rally from a 3-1 finals deficit by beating the defending champion Golden State Warriors 93-89.
THIS DAY IN BASEBALL HISTORY
1927 — Jack Scott of the Philadelphia Phillies pitched two complete games in a doubleheader. Scott beat the Cincinnati Reds 3-1 and lost 3-0 in the second game. Scott was the last pitcher in major league history to complete two games on the same day.
1938 — Cincinnati pitcher Johnny Vander Meer coming off two straight no-hitters, extended his string of hitless innings to 21 2/3 against the Boston Bees. Vander Meer gave up a single to Debs Garms in the fourth inning. The Red won 14-1 behind Vander Meer’s four-hitter.
1941 — En route to 56, Joe DiMaggio hit in his 32nd consecutive game, going 3-for-3, including a home run, against the Chicago White Sox.
1942 — Paul Waner got hit number 3,000 — a single off Rip Sewell — but the Boston Braves lost to the Pittsburgh Pirates 7-6.
1952 — Brooklyn Dodger Carl Erskine pitched a 5-0 no-hitter against the Chicago Cubs at Ebbets Field.
1961 — Roger Maris’ ninth-inning homer off Kansas City’s Jim Archer was his 25th of the year, putting him seven games ahead of Babe Ruth’s pace in 1927.
1973 — Pete Rose of the Reds and Willie Davis of the Dodgers collect their 2,000th hits. It is a single for Rose against the San Francisco Giants and a home run for Davis against the Atlanta Braves.
1974 — Steve Busby of the Kansas City Royals hurled his second no-hitter in 14 months and gave up just one walk in beating the Brewers 2-0 at Milwaukee.
1977 — The Boston Red Sox hit five home runs in an 11-1 triumph over the New York Yankees. The five homers gave the Red Sox a major league record 16 in three games. Boston hit six homers on the 17th and five on the 18th, also against the Yankees. In the series the Yankees had no homers.
1990 — Gary Carter plays in his 1,862nd career game as a catcher to break the National League mark set by Al Lopez.
1994 — John Smoltz became the 14th major league pitcher to give up four homers in an inning when he was tagged by Cincinnati. The Reds set a team record for home runs in an inning, connecting four times in the first inning. Hal Morris, Kevin Mitchell, Jeff Branson and Eddie Taubensee homered. Smoltz allowed 20 total bases in the first inning, the most given up in the NL since 1900.
2015 — Alex Rodriguez homered for his 3,000th career hit as the New York Yankees beat the Detroit Tigers 7-2.
2017 — Dodgers rookie Cody Bellinger launched two more home runs, setting a major league record with his powerful start, and Clayton Kershaw became the first 10-game winner in the National League despite giving up a career-high four long balls as Los Angeles held on for a 10-6 victory over the New York Mets. Bellinger reached 21 homers in 51 career games — faster than any other player in big league history.
2019 — One day after fouling a bunted ball in his face during batting practice and breaking his nose, Max Scherzer takes the mound for the Nationals against the Phillies sporting a prominent black eye. He still stymies the opposition with 7 scoreless innings in a 2-0 win. “Trust me, this thing looks a lot worse than it actually feels,” he explains to journalists.
Compiled by the Associated Press
Until next time…
That concludes today’s newsletter. If you have any feedback, ideas for improvement or things you’d like to see, email me at [email protected]. To get this newsletter in your inbox, click here.
The Los Angeles Lakers, a family-run business since Jerry Buss purchased the franchise in 1979, will be sold to Dodgers controlling owner Mark Walter and TWG Global, according to multiple people briefed on the deal.
The deal is expected to occur with the Lakers’ valuation being about $10 billion — a record for a professional sports franchise.
Walter will now lead the city’s two premier professional sports teams.
Control of the Lakers went into a family trust after Buss died in 2013, with daughter Jeanie Buss operating as the team’s governor. The structure of the trust meant the majority of Buss’ six children — Johnny, Jim, Jeanie, Janie, Joey and Jess — would need to agree for a sale to occur.
The Lakers didn’t respond to requests for comment.
The sale was viewed as a massive surprise in NBA circles.
Jeanie Buss reportedly will remain governor under the terms of the sale. All controlling governors representing teams in league meetings need to own at least 15% of the franchise to serve. The Buss family owned 66%.
The sale will end family-run control of the Lakers, who have achieved incredible success — 11 NBA championships earned by some of the league’s most iconic figures, including Kareem Abdul-Jabbar, Magic Johnson, Shaquille O’Neal, Kobe Bryant and LeBron James — under Buss and his children’s leadership.
“I know that my sister Jeanie would have only considered selling the Lakers organization to someone she knows and trusts would carry on the Buss legacy, started by her father Dr. Buss. Now she can comfortably pass the baton to Mark Walter, with whom she has a real friendship and can trust,” Magic Johnson wrote in a post on X.
“She’s witnessed him build a winning team with the Dodgers and knows that Mark will do right by the Lakers team, organization, and fans! Both are extremely intelligent, visionaries, great leaders, and have positively impacted the greater Los Angeles community! I love both my sister @JeanieBuss and my business partner Mark Walter.”
In March, Bill Chisholm purchased the Boston Celtics from Wyc Grousbeck for $6.1 billion. Mark Cuban sold his control of the Dallas Mavericks late in 2023 for $3.5 billion.
And earlier that year, Marc Lasry sold the Milwaukee Bucks for $3.5 billion. Grousbeck and Cuban were two of Jeanie Buss’ closest confidantes among league ownership.
Walter and Todd Boehly became the Lakers’ largest minority shareholders in 2021 when they bought 27% of the franchise — a stake previously held by Phil Anschutz.
“The Los Angeles Lakers are one of the most successful and admired franchises in sports history,” Walter said in a news release at the time. “I have watched the organization grow under Jeanie’s leadership and couldn’t be more excited to partner with her and the entire management team. I am committed to supporting the franchise’s iconic status by continuing to bring together culture, community and entertainment to Lakers’ fans.”
Walter was a relatively anonymous billionaire in 2012, when Johnson and Stan Kasten were the marquee partners in the purchase of of the Dodgers for $2 billion, then the largest price paid for a Major League Baseball team.
Critics scoffed at the purchase price, but Walter and Boehly then negotiated a record $8.35-billion local television deal with Time Warner Cable. Sportico this year valued the Dodgers at $7.73 billion and estimated that they generated $1 billion in revenue last year, highlighted by the global economic boost they gained from signing Shohei Ohtani to a record $700-million contract.
The Dodgers also won the World Series last year, their second championship and fourth World Series appearance in the last eight years. In the 13 seasons since Walter and his group bought the Dodgers, the team has posted a winning record every year. In that same 13-season span, the Lakers have one championship, one NBA Finals appearance and six winning records.
After buying the Dodgers, Walter and Boehly explored buying AEG, the entertainment giant that owns the Kings and Crypto.com Arena. Walter subsequently bought the Sparks, invested in the Lakers and launched a professional women’s hockey league in which the championship trophy is called the Walter Cup.
If the Dodgers’ purchase is any indication, Walter might not make an immediate flurry of changes with the Lakers. After he bought the Dodgers, he retained general manager Ned Colletti through the 2014 season before replacing him with Andrew Friedman.
The beloved O’Malley family sold the Dodgers before the turn of the century, saying the economics of professional sports had exploded beyond the means of families with no other significant source of income.
Under Walter, the Dodgers have not only raised their payroll to record levels but invested heavily in areas that they believe help deliver a winner, from a vaunted analytics department to dietitians for their major and minor league players and expanded clubhouses with the latest in hydrotherapy. The owners also have invested more than $500 million into renovating Dodger Stadium, adding modern amenities to a 63-year-old ballpark.
The Lakers, whose minority owners include Los Angeles Times owner Dr. Patrick Soon-Shiong, are entering a critical moment in the franchise’s history. James, the NBA’s all-time leading scorer, has a $53-million player option that he needs to either accept or decline by June 29. If he declines, he’d be an unrestricted free agent.
The team also is trying to sign Luka Doncic, who it acquired in a shocking trade last February, to a massive contract extension functionally making him the future face of the franchise. He’s eligible to sign an extension on Aug. 2.
Times staff writer Jack Harris contributed to this report.
