The Los Angeles Lakers agreed to change ownership on Wednesday, as the Buss family has handed over a majority share to Mark Walton of TWG Global, who also owns the LA Dodgers, for a valuation of $10 billion. The Buss family will still keep a minority share, but it's the first time they haven't had a majority share since Jerry Buss bought the team in 1979 and handed the team down to his kids when he passed.
Although the Lakers are arguably the most historic franchise in American sports, they haven't always operated as such in recent years. Some of their recent financial mishaps were highlighted in a recent article on ESPN by Tim Bontemps and Tim MacMahon.
Part of those financial mishaps includes how they tried to hire Tyronn Lue to be their head coach, but he instead went to the LA Clippers.
"In 2019," ESPN explained, "negotiations with Tyronn Lue to become their next head coach stalled in part over money, with Lue seeking an annual salary of $7 million over five years -- commensurate with the other coaches in the league with championship experience at the time. L.A. offered an annual salary of $6 million over three years."
Lue had been the head coach for the Cleveland Cavaliers when he and LeBron James won a championship together in 2016, overcoming a 3-1 deficit to beat the 73-9 Golden State Warriors. The Lakers had a chance to pair the two again, but they didn't want to pay up and ended up with Frank Vogel instead, who led them to a championship in 2020.
It's hard to be too upset with their decision at the time if you're a Lakers fan, as they were still able to win a championship, but they've since fired Frank Vogel, hired and fired Darvin Ham, and hired JJ Redick. Meanwhile, Lue has been with the Clippers ever since.
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