Lakers’ Jeanie Buss says dad would have supported sale to Mark Walter

Six-time NBA Champion Los Angeles Lakers owner Jeanie Buss said new majority owner Mark Walter’s access to capital will help the team best compete with the NBA’s top franchises — and that her late father, Jerry Buss, would have supported the sale.

“What was important to him was that the Lakers stay at the top of the NBA, and to stay at the top of the NBA, you need to have the resources,” Buss said. “You need to have everybody pulling together. And he would want [that for] the Lakers, because the Lakers are his legacy.”

While the NBA has a salary cap that can limit team spend, franchises do have some flexibility if owners are willing to pay a luxury tax. Team spend currently ranges from about $154 million to $220 million, with the Lakers seventh overall at $197 million, according to Basketball Reference. Walter has consistently been one of the top spending owners in Major League Baseball since acquiring the Los Angeles Dodgers in 2012.

Buss and her family agreed to sell their majority stake in the team to Walter last year at a $10 billion valuation. ESPN recently documented significant conflict between the Buss siblings that led to the sale, which Buss called “bittersweet.”

Jerry Buss willed ownership of the team to his six children in a trust when he died in 2013.

“My siblings were involved in the decision that was made,” Jeanie Buss said. “It’s about the Lakers and the greatness and what the fans expect and you need resources and you need a direction. I think it’s fair to say that my family — we all have our different opinions and [are] living our lives, choosing what we want to do with our time, and this was the best decision for all six of us.”

The Buss family kept about 15% of the team, and Jeanie Buss agreed to stay on as governor for at least five years. Still, when asked if she plans to stay for the full term, Buss seemingly hedged her answer.

“That’s what I agreed to,” Buss said. “Mark Walter and I are very comfortable with the way things are set up. And I expect things to go on and be successful. And you know, I’m not going anywhere.”

Buss acknowledged the past 12 months have been one of transition for the team, given both the sale and the team’s decision to trade star forward Anthony Davis for Doncic about a year ago. Buss said the team’s focus is now building around Luka Dončić, rather than 41-year-old LeBron James, who has been the face of the team since he joined in 2018.

“The partnership will give us the stability to continue to move forward as we build towards a team around Luka Dončić,” said Buss. “We couldn’t be more proud that he is a Laker. He is a young all-star that the fans love to see.”

James said Sunday he’s still unsure whether he’ll play beyond this season. Buss said she’d leave James’ future with the Lakers to James. Still, she sounded doubtful that he would return to the team next season, either because he would retire or because he would choose to play elsewhere.

“Never say never, but you know, he certainly hasn’t given an indication,” said Buss. “He’s earned the right to decide how his career will go, and you know, he continues to impress.”

Buss also discussed her tequila brand, Cincoro, created in 2016 when five friendly competitors met for dinner around an NBA board of governors meetings, bonding over their shared passion for tequila. That group included Buss; then-Charlotte Hornets owner Jordan; Milwaukee Bucks co-owner Wes Edens; and former Boston Celtics co-owner Wyc Grousbeck and his wife, Emilia Fazzalari.

“We all had a mutual appreciation for tequila,” Buss said. “And us being a very competitive group, we thought, ‘You know what? We could probably make one better.’ And so that night, Cincoro was born.”

Jordan, known for being a fierce competitor on the court, isn’t any different behind the scenes and is deeply involved in the business, Buss said.

“I knew he was a tough competitor because his first championship, he beat the Los Angeles Lakers,” she said. “He’s just like that in the boardroom. It’s, ‘Who are we up against? Let’s be better than that. Let’s work harder. Let’s be more creative.'”

Jordan brought in his design team, resulting in a distinctive bottle that Buss called “a work of art.”

“When you work with Michael Jordan, the bar is set high,” she said. “Not just him as a player, but him as a businessman. And we’ve seen he’s been pretty darn successful.”

Cincoro is now a sponsor of the Los Angeles Lakers, and Buss unveiled Tuesday a limited-edition añejo bottle in Lakers purple and gold. Buss said it’s a nod to both the franchise’s championship pedigree and the brand’s premium positioning.