Yahoo Sports' Jason Fitz reacts to the Buss Family selling the Los Angeles Lakers for a valuation of approximately $10 billion to Lakers minority owner Mark Walter.
Video Transcript
Breaking NBA news, the Los Angeles Lakers have been sold, and business is good if you happen to own an NBA team.
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Exactly 90 days after the Boston Celtics were sold for a then historic valuation of $6.1 billion the Buss family said, hold my beers.
The Lakers were sold for a reported valuation of $10 billion the largest in any sale in the history of sports.
Sold, of course, to Mark Walter, Mark Walter, the head CEO chairman of TWG Global.
You may know that name because they also happen to own the Dodgers, the Sparks.
And several other teams along the way.
Now, Jeanie Buss will stay on as the team's governor.
So we don't really know yet what this means for the way the team will look for the future.
But what we do know is the business of sports continues to thrive at an absolutely shocking and epic level.
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As much as we spend all of our time talking about LeBron, the fact is the Buss family has been a fixture in the NBA for a generation, sold to the family in the late 70s by Jack Kent Cook.
This is a Team that was bought for under $70 million a heck of a return on investment if you ask me.
But realistically, the Lakers shaped the conversation.
They shaped the conversation of the NBA.
They shaped the conversation of sports in many ways, and this will have a rippling effect, not just to the NBA which has seen the Celtics sold, as I mentioned, which is seen Mark Cuban sell the Mavericks.
This is another major name selling in the NBA, but this sort of ripple effect will have an impact to every single sport.
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You cannot tell me that the Dallas Cowboys aren't looking at the valuation of the Lakers saying, if they're worth $10 billion what are we worth today?
Today was a massive home run win for every single team in the NBA.
Maybe it was a slam dunk, but above and beyond that, it was a win for every owner in sports.
And now Lakers fans will have to sit back and find out what their new majority owner is going to do, how he will shape this team moving forward, and what it will mean for the Lakers for the next generation.
English (US) ·