End of an era: Buss family's lasting legacy with LA Lakers

Reuters

6 hours ago

June 19 (Reuters) - After nearly half a century shaping one of the NBA's most well-known franchises, the Buss family is stepping down as majority owners of the Los Angeles Lakers, marking the end of an era that fused sporting dominance with Hollywood spectacle.
When Jerry Buss, a former chemist turned real estate mogul, acquired the Lakers in 1979 for $67.5 million, he not only bought a basketball team, but capitalised on an opportunity to transform the league into the ultimate show.
To make the Lakers a must-see attraction, Buss first elevated the product on the court.
He drafted Earvin "Magic" Johnson, made Kareem Abdul-Jabbar the league's highest-paid player, and hired Pat Riley as head coach — laying the foundation for five titles between 1980 and 1988.
But Buss's true innovation was off the court. He transformed the Forum into a cultural hot spot, packing courtside seats with celebrities and making the Forum Club the place to see and be seen.
Timeouts featured live music and the "Laker Girls," while Prime Ticket — a cable network he co-founded — brought the show into homes across Los Angeles.
The "Showtime" era faded after a quiet stretch in the 1990s, but the Lakers roared back in the 2000s, winning three straight titles with Shaquille O'Neal and Kobe Bryant, then adding two more alongside Pau Gasol in 2009 and 2010.
When Buss died in 2013, he left behind a team that won 10 NBA titles under his stewardship, and perhaps more importantly, a blueprint that helped turn the NBA into a global entertainment powerhouse and the Lakers into a world-renowned brand.
Jerry's daughter Jeanie succeeded him as Lakers' governor, becoming the first woman to serve as controlling owner of an NBA championship team.
A steady presence in a high-pressure role, she navigated internal power struggles — most notably removing her brother Jim from basketball operations in 2017 — to reassert the franchise's direction.
Her leadership focused on bringing stability and renewed ambition at a time when the team was struggling on and off the court.
Her commitment paid off in 2020. With the arrival of the NBA's all-time leading scorer, LeBron James, the Lakers won their 17th title inside the league's pandemic bubble, Jeanie's first as principal owner.
Jeanie Buss made another bold move to reignite the franchise in February with a blockbuster trade to acquire perennial MVP contender Luka Doncic from the Dallas Mavericks.
She closed out a historic chapter for the franchise by agreeing to sell a majority stake in the team to Mark Walter in a deal that valued the Lakers at $10 billion — the largest ever for a professional sports team.
Despite the change in ownership, Jeanie Buss will stay on in her role as team governor for the immediate future.