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The Buss family recently experienced a significant financial windfall after selling their most prized asset. The family, known for their long-standing ownership of the Los Angeles Lakers, decided to part ways with the majority of their stake in the iconic basketball franchise.
This decision marks the end of an era that began when their father, Dr. Jerry Buss, originally acquired the Lakers. The family reached an agreement to sell a majority interest in the team to prominent Los Angeles sports mogul Mark Walter for an impressive $10 billion.
Given that the Lakers are among the most valuable teams in North American sports, the sale naturally resulted in substantial payouts for the Buss siblings: Jeanie, Johnny, Jim, Janie, Jesse, and Joey.
According to a report by the Sports Business Journal, each sibling is expected to receive nearly one billion dollars as a result of this monumental transaction.
Despite relinquishing majority control, the Buss family will retain a 15 percent minority stake in the team. Notably, Jeanie Buss, who has been the principal owner for several years, will continue to serve as the Lakers’ governor for a further five-year term.
The NBA put its stamp of approval on the sale in October – ending 46 years of majority ownership by the family.
The Buss children, including Jeanie, will take home $1b for the sale of the Los Angeles Lakers
The Buss family sold a majority stake in the team to LA sports owner Mark Walter
Following Jerry Buss’ death in 2013, his children took over his ownership – with Jeanie atop the business. But while she will remain in a major team role, the same can’t be said for her other siblings.
Last Thursday, Joey and Jesse were fired from their scouting roles. In an interview with The Athletic later that day, Jesse slammed his sister – revealing that he hadn’t spoken to her or Lakers general manager Rob Pelinka in ‘five months’.
‘Oftentimes within the organization, it kind of felt like I was being treated like I was working against them,’ Jesse said.
‘And, I guess you could say, like an enemy. But the only thing I ever wanted was the most success for this team.’
Two months ago, the brothers launched their own investment firm, Sports Capital Group. Jesse maintained the venture ‘was meant, in no shape or form, to be a threat to her or any of my siblings’ and was only ‘something that Joey and I wanted to partner on.’
Asked if beginning the company ‘furthered any rifts’ with his sister, Jesse told the outlet, ‘I couldn’t answer that question. I think that’s something you’d have to ask Jeanie.’
While it’s common for a new ownership group to re-structure any company they purchase, Jesse said he felt ‘siloed quite a bit, dating back to before, I guess, the 2023 draft.’
He also told the outlet he’s been ‘dealing with quite a bit of health issues’ in that time: ‘I kind of noticed around the same time that things were different within our organization, within the front office and just the basketball operations department.’
While Jeanie will remain the Lakers’ governor, Joey (L) and Jesse (R) Buss have lost their jobs
As things progressed, Jesse felt ‘there was a lack of communication between not only my sister and I, but the organization as a whole while I was combating various health issues.’
‘I kind of felt like the writing was on the wall. The sale of the team happening kind of more or less just solidified it in my mind,’ he said.
Jesse said that his late father’s wishes were to have his sons ‘run the basketball operations department’. However, he ultimately wants ‘what’s best for the Lakers’.
This year, the Lakers seem to be in a good spot amongst the NBA standings. Los Angeles is currently fourth – just three-and-a-half games back on the lead in the Western Conference.