Lakers Change Hands in Historic Sale

The late Dr. Buss purchased the Lakers in 1979 from Jack Kent Cooke, a prominent Canadian-American businessman. In that time, the franchise has seen 11 NBA championships, a move between two prominent venues, and a plethora of superstars don the purple and gold for either a few years or their entire careers.

Walter, who has been a stakeholder in the Lakers since 2021, has received a “right of first refusal on the majority share of the team,” according to ESPN. The CEO also has stakes in the Dodgers and Sparks, as well as numerous sports organizations: the Billie Jean Cup, Cadillac Formula 1 team and the Professional Women’s Hockey League (PWHL).

The Lakers’ sale tops that of their rival Boston Celtics, who were sold to Bill Chisholm for $6.1 billion in March.

What This Means for the Lakers

Seeing that Walter has primary ownership in the Dodgers—a franchise enjoying recent success in its own right—many would, and should, expect him to do the same for the purple and gold. While other teams have willingly spent money to build contenders (in spite of recent CBA restrictions), the Lakers’ new owners should strive to splurge for the sake of adding banners in the rafters. While fans shouldn’t expect Nikola Jokic or Giannis Antetokounmpo to walk through the door, they can rest assured knowing a successful team owner (with some pretty deep pockets and a track record of titles) will soon control one of the biggest franchises in the NBA.

Fans thought the Lakers entered a new era at the trade deadline. It turns out the real shift begins now.