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Responding to an article written by The California Post’s Lakers beat reporter Khobi Price suggesting that Jerry Buss should be next to be honored with a statue, Magic Johnson took to social media to emphatically agree. “I 100% agree that Dr. Jerry Buss the greatest franchise owner in sports history and deserves a statue in front of Crypto arena soon in his honor,” Johnson wrote.
Earvin Magic Johnson: “He’s not only the greatest owner in NBA history but he also has a strong argument for the greatest franchise owner in sports history.” Words from Khobi Price in his latest article in the @nypost - and he’s exactly right! I 100% agree that Dr. Jerry Buss is the greatest franchise owner in sports history and deserves a statues in front of Crypto arena soon in his honor!
Jay Wagers: "Byron, you experienced the organization when Dr. Jerry Buss was alive. So, what did Jerry Buss create culturally that made the Lakers different from any other NBA franchise?" Byron Scott: "I think the main thing is he made us feel a very much of a sense of pride of wearing purple and gold, that it meant something different than being in any organization, that it was more of a family organization than most organizations that were either hobbies for some of the owners or that was their money maker. I think Jerry really wanted it to be more of a family-oriented organization and he made that point clear from day one. And he also hired the people to do their jobs. He hired Jerry West to be the general manager, make decisions. He didn't go behind his back or go in and say, 'No, no, we're not doing this, we're not doing that.' He hired these guys to do their job and he allowed them to do their jobs. He was just first of all, a very unique owner, still to me, one of the best owners in any sport that you can imagine. And he treated all of us the same. He treated every player the same. He treated Magic Johnson no different than he treated Wes Matthews. He would come in the locker room and he talked to everybody. He was one of the most humble owners that I've ever met."
Jeanie Buss, who was chosen by her late father and longtime Lakers owner, Jerry Buss, as his successor before he died in 2013, called her siblings’ behavior “devious” and said in the court filing that they should be held in contempt while also being “liable for damages.” She also called for the removal of Joey and Janie Buss as co-trustees of a trust that holds the family’s remaining stake in the Lakers (17.8 percent), citing breach of fiduciary duty. NBA rules mandate that team governors own at least 15 percent of the team.
Several Lakers legends weighed in on the stunning ownership upheaval surrounding one of sports’ most recognizable franchises, speaking exclusively with the California Post at the Harold & Carole Pump Foundation’s 26th Anniversary Celebrity Dinner on Thursday night at the Beverly Hilton. “I don’t think he [Dr. Jerry Buss] would be very happy with the state of the Lakers right now,” three-time Lakers champion Byron Scott said when asked about the family dispute.
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“That would be sad,” Horry told the California Post. “It would be strange and very, very sad.” Horry pointed beyond championships and banners to Jerry Buss’ lasting fingerprints on the NBA — the marriage of basketball and Hollywood, the Showtime Era, the Laker Girls and the Forum Club. “There are so many things like that that he brought to basketball that all these other organizations kind of piggybacked off of,” Horry said. “So for the Buss family not to be involved in some way would be such a sad thing.”
In 1979, Jerry Buss bought the Lakers, the Forum and the Los Angeles Kings for $67.5 million. Now the Lakers alone are worth $12.5 billion. “It used to be, ‘Hey, I’m in this for the love of the game,’” said Ross Williams, a private-equity attorney and partner at law firm Reed Smith. “Like I measure the success of my investment based on whether we win championships. … And now it’s becoming apparent that these are really, really good financial investments.”
For private equity — in which investors buy into companies that aren’t available on the public market — sports offers safe harbor. Media deals provide predictable revenue over several years. The NBA’s current deal that stretches to the 2035-36 season is worth $6.9 billion per year. Additional revenue streams with merchandise, sponsorships and ticket sales pile on. Owning an arena, which the Lakers do not, opens the floodgates for concerts and events that add to the revenue. “Sports is one of those rare instances where you can invest in something cool that also makes money,” Williams said.
But what makes the Buss trust unusual, according to trust and estate experts, is a so-called “last-person-standing” provision that redistributes the shares to the living members if someone dies. “Unless a beneficiary sells his or her share while still alive, it passes to the remaining surviving beneficiaries as each passes, until there is only one left who gets it all,” Schneider said. “Supposedly, Jerry Buss did this to ensure that one of his kids would always own the team but it also creates a huge incentive to sell while still alive.”
That sale still needs to be approved by the NBA’s Board of Governors. If it is, and if Jeanie Buss is able to ensure the Buss family retains at least 15 percent of the Lakers, will the new ownership group would honor Walter’s commitment that Jeanie could retain governorship for the near future? “I would imagine, without knowing for sure, that (the other NBA governors) would probably be happy to see the majority owners having the requisite control,” said Matt Mitten, a law professor at Marquette University Law School. “They’re the ones that are basically going to be that voice and vote when they have the league meetings. That’s an important thing to have that vote. It seems to me that if there’s someone, a group with a minority interest that’s holding that – and it’s a small minority interest (17.8) — that just seems to me like, at some point, there’s going to be a conflict between majority ownership and the Buss family ownership.”
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As the fight over what will happen to the Buss family's stake in the Los Angeles Lakers begins in the wake of Mark Walter's shocking sale of his majority ownership of the franchise to Bob Iger and Josh Kushner, one of the team's minority owners, Dr. Patrick Soon-Shiong, has no plans to sell his part of the team. "Dr. Patrick is absolutely not selling his minority share of the Lakers," Chuck "Tiger" Kenworthy, the Soon-Shiong family attorney, told ESPN on Thursday. "Bob Iger and Josh Kushner are good friends, and we will be joining them as supportive, active and engaged partners once they close the transaction with Mr. Walter. We are extremely excited about the Lakers' future and look forward to many more championship years."
Dr. Soon-Shiong, 74, bought into the team in 2010, purchasing a 4% stake from iconic Lakers star Magic Johnson. Known for his innovative cancer research and treatment, Dr. Soon-Shiong is also a successful businessman and surgeon, with a net worth north of $15 billion, according to the Bloomberg Billionaires Index.
If the Buss siblings do sell their part of the team, leaving Jeanie with just under 3% ownership, she would need to acquire an additional 12% of the team in order to hold the requisite 15% to serve as acting governor under the NBA guidelines. Buss would be interested in doing so, The Athletic reported Wednesday, however that number could be difficult to reach without Iger and Kushner -- or some of her siblings -- selling her back a part of the team. With Dr. Soon-Shiong's 4% off the market, the only other minority owner Buss could target in that scenario would be Ed Roski Jr., who owns approximately 3% of the Lakers.
Oh No He Didn't: Shaquille O'Neal on the Buss siblings reportedly selling their share of the Lakers: "I have great admiration for the Buss family. Learned a lot of business acumen from watching them. And I can remember how much Mr. Buss paid for the team. So if the rumors are true on how much they sold it for I think it was a monumental business move. It will be different not knowing that the Buss family is there with the Lakers, but I want to wish them well, want to congratulate them. Thank you for the great memories that they gave me. But from a business standpoint, for what they purchased it for to what they're selling it for... you get the golf clap"