The Los Angeles Lakers will see a change in ownership after almost 46 years, as the Buss family sold their majority stake in the franchise to the CEO of TWG Global, Mark Walter. Former owner Jeanie Buss is said to have sold the team at a valuation of $10 billion, which, in light of Dr. Jerry Buss’ purchase of the team in 1979 for $67.5 million, is a massive profit.
Dr. Buss initially purchased the Lakers from Jack Kent Cooke. Buss, an entrepreneur and real estate mogul by profession, received not only the Lakers as part of the deal, but also ownership of the Forum (the team’s arena at the time), the NHL’s Los Angeles Kings, and a sizeable plot of land to go with it.
Buss’ ownership of the Purple and Gold completely transformed the franchise. Under Jack Kent Cooke, the Lakers were one of the best teams in the league. Unfortunately, they were always known for being second-best, routinely coming up short against the Boston Celtics.
The highlight for the Purple and Gold under Cooke’s ownership was the 1972 NBA championship, a Finals won against the New York Knicks, seeing Lakers legend Jerry West cement his legacy after several failed campaigns.
In 1979, Buss ushered in a new era for the Lakers – Showtime, a new brand of basketball, paired with the glamor of Hollywood. Headlined by the face of the franchise, Magic Johnson, the Lakers grew in popularity and success, stacking five NBA titles in this span of time while becoming a blockbuster, must-watch experience for the fans.
Dr. Buss’ era of ownership redefined the Lakers as a global brand, becoming synonymous with entertainment and excellence alike. His passing in 2013 left behind a legacy of success that was only rediscovered when the team won the title in the 2020 NBA Finals with LeBron James and Anthony Davis at its forefront.
The Lakers: The Most Successful Franchise In The NBA Under The Buss Family
The Los Angeles Lakers have been one of the biggest franchises in global sports as a whole. With 17 NBA championships to their name, they are among the most storied teams in the league as well, falling just short of the Boston Celtics.
However, in the 46 years spent under the ownership of the Buss family, it is safe to say that the Purple and Gold have been the most successful franchises in the NBA.
In this time, the Lakers have accrued significant title success, stacking 11 championships with at least one in every decade. In addition to this, the team has also ranked highly in several categories for performance.
Since 1979, the Lakers have the highest win percentage (.601), the most playoff wins (301), and along with their array of titles, they have also produced six MVPs, from Magic Johnson and Kareem Abdul-Jabbar to Kobe Bryant and Shaquille O’Neal. All of these achievements see the Lakers ranked first in the NBA during this period.
The transition from the Buss family era brings a lot of hope for the future of the team. Franchise legend Magic Johnson has given a glowing attestation of what to expect from Walter and TWG Global, with excitement being reciprocated by the superstar duo of LeBron James and Luka Doncic as well.
After a failed campaign last season, the team was due to make some huge adjustments to prepare to make a title charge. With a powerful financial backing, the Purple and Gold are primed to become far more aggressive in their attempt to improve their roster strength.
