Buss family to sell Lakers, report says
NEW YORK, June 18 (Reuters) - The Buss family is entering an agreement to sell a majority stake in the Los Angeles Lakers, ESPN reported on Wednesday, marking the end of an era for one of the NBA's most influential families.
Mark Walter, the CEO and chairman of holding company TWG Global, is set to take the majority ownership under the agreement, ESPN's NBA insider Shams Charania said in a post, opens new tab on X.
The Lakers did not immediately respond to a request for comment.
The late Jerry Buss purchased the Lakers in 1979 and turned it into one of the most popular and valuable franchises in all of professional sports, winning five championships during their now-iconic "Showtime" era in the 1980s.
His daughter, Jeanie Buss, took over as principal owner after Jerry Buss died in 2013, making her one of the most powerful women in sports.
Jeanie Buss will stay on as governor after the sale, Charania reported.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
27 minutes ago
- Reuters
Gold prices tick up as Middle East tensions buoy demand
June 19 (Reuters) - Gold prices gained on Thursday, as rising tensions in the Middle East buoyed demand for the safe-haven asset, although the U.S. Federal Reserve's cautious stance on future rate cuts kept gains in check. Spot gold was up 0.2% at $3,376.48 an ounce, as of 0215 GMT. U.S. gold futures eased 0.4% to $3,393.70. "Gold has made a modest bounce as we await the next steps in the Israel-Iran conflict. If the U.S. does decide to get directly involved in the conflict this could raise the geopolitical stakes," KCM Trade Chief Market Analyst Tim Waterer said. Geopolitical tensions remained heightened as U.S. President Donald Trump on Wednesday refrained from confirming whether the U.S. would join Israel's bombardment of Iranian nuclear and missile sites, prompting residents of Tehran to leave the city amid ongoing air strikes. The U.S. military has moved some aircraft and ships from bases in the Middle East that may be vulnerable to any potential Iranian attack, two U.S. officials told Reuters on Wednesday. Gold is often used as a safe store of value during times of geopolitical and financial uncertainty. The Fed held interest rates steady on Wednesday. Fed policymakers still forecast slashing rates by half-a-percentage point this year, but they slowed the pace of future cuts. However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom. "The Fed was not as dovish as some had hoped, and I'd argue Powell was a tad more hawkish than many would like. The U.S. dollar is likely at oversold levels, and that is likely to cap gains on gold over the next few weeks," said Matt Simpson, a senior analyst at City Index. Elsewhere, spot silver eased 0.2% to $36.66 per ounce, platinum rose 1.5% to $1,342.36, while palladium gained 0.6% to $1,055.18.
Reuters
an hour ago
- Reuters
Dollar steady as Powell flags inflation risks; Mideast worries rise
SINGAPORE, June 19 (Reuters) - The dollar held steady on Thursday, as investors weighed Federal Reserve Chair Jerome Powell's cautionary tone on inflation, while the looming threat of a broader conflict in the Middle East and possible U.S. involvement left sentiment frail. In a widely expected move, the Fed held rates steady, with policymakers signalling they still expect to cut rates by half a percentage point this year, although not all of them agreed on a need for rate cuts. Powell said goods price inflation will pick up over the course of the summer as U.S. President Donald Trump's tariffs work their way to consumers. "Ultimately, the cost of the tariff has to be paid, and some of it will fall on the end consumer," Powell told a press conference on Wednesday. "We know that because that's what businesses say. That's what the data say from the past." The comments from Powell, who again came under fire from Trump, underscore the challenge facing policymakers as they navigate uncertainties from tariffs and geopolitical risks, leaving markets anxious about the path of U.S. interest rates. Still, traders are pricing in at least two rate cuts this year though analysts are unsure of the starting point. "The market is anticipating two 25 bp rate cuts this year, most probably September and December, but, we think the September FOMC will come too soon for the Fed to be comfortable cutting rates," ING economists said. "Effectively the Fed has acknowledged that the contemporaneous economy is doing reasonably well, with risks, and has batted the whole thing back to the macro data to come in the coming months," the economists said in a report. Currency market reaction was muted, with the dollar firming slightly after the Fed's decision before stabilising against major currencies by Thursday morning in Asia. The euro was last at $1.14805, heading for 0.6% drop in the week, its biggest weekly decline since early May. The yen firmed slightly to 144.86 per dollar and the Swiss franc last fetched 0.81895 per dollar. Sterling was 0.18% lower at $1.3398 in early trading ahead of the policy decision from the Bank of England, where the central bank is expected to stand pat. The Swiss National Bank and Norges Bank are also expected to deliver their policy decisions later in the day. The dollar index , which measures the currency against six other units, was at 98.957 and set for a 0.8% gain for the week, its strongest weekly performance since late February. Investor focus remained on developments in the Middle East, where the Israel-Iran conflict entered its seventh day on Thursday. Concerns grew over potential U.S. involvement, as Trump kept the world guessing about whether the United States will join Israel's bombardment of Iranian nuclear sites. The conflict has heightened fears of broader regional instability, compounded by the spillover effects of the Gaza war. That left the risk-sensitive Australia dollar 0.3% lower at $0.649, while the New Zealand dollar weakened 0.32% to $0.60105. U.S. markets are closed on Thursday for the federal Juneteenth holiday.
Daily Mail
2 hours ago
- Daily Mail
NFL sideline reporter Laura Okmin announces shock exit from Fox
NFL sideline reporter Laura Okmin has announced she is leaving Fox. Okmin has become one of the most recognizable faces on the sidelines of NFL games after two decades with the network. She told Front Office Sports on Wednesday that she wasn't forced out by Fox, but rather rejected their offer of a new contract. Okmin said: 'They sent me the contract. I printed it out. I sat there. It was just my voice saying, "It's time, this is it". 'I'm happy to say [my boss] was very surprised. I would have been very disappointed if there was any other reaction.' Okmin spent last season working in a team alongside play-by-play commentator Kevin Kugler and analyst Daryl Johnston. She joined Fox in 2002 and, over her 23 years in the NFL, became the third-longest tenured sideline reporter in league history. Away from her NFL duties Okmin launched GALvanize, a mentorship space for women in sports media. After working on the sidelines for such a long time, she now wants to switch her focus to her new passion of guiding the next generation of female reporters. 'Honestly, it's a tough job having to justify your job for 20 years. Having to fight for your job and having to justify it,' she added. 'It feels like there's a bit of dog years with that job.'
