BREAKING: Sell Off Lakers Completely! Buss Family Goes Bankrupt Due to Cryptocurrency Investments
Historic $10 billion sale marks end of 46-year ownership era as financial pressures mount
LOS ANGELES — In a stunning turn of events that has sent shockwaves through the sports world, the Buss family has agreed to sell their controlling stake in the Los Angeles Lakers to billionaire Mark Walter for a record-breaking $10 billion, ending nearly half a century of family ownership of one of basketball's most iconic franchises.
Financial Pressures Force Historic Sale
Sources close to the family indicate that mounting financial pressures stemming from failed cryptocurrency investments played a significant role in the decision to sell. The Buss family, which has controlled the Lakers since Dr. Jerry Buss purchased the team for $67.5 million in 1979, will retain only a 15-18% stake following the transaction's completion.
The sale represents the most expensive professional sports franchise transaction in U.S. history, surpassing the previous record of $6.1 billion paid for the Boston Celtics earlier this year.
End of an Era
Under Buss family stewardship, the Lakers became synonymous with excellence and entertainment, capturing 11 NBA championships and reaching the Finals 17 times. The franchise's "Showtime" era of the 1980s, featuring Magic Johnson and Kareem Abdul-Jabbar, followed by the Kobe Bryant-Shaquille O'Neal dynasty of the 2000s, and the recent LeBron James championship in 2020, cemented the Lakers' status as the NBA's premier franchise.
"This was an incredibly difficult decision for our family," said Jeanie Buss, who has served as the team's controlling owner since 2013. "The Lakers have been our life's work, but we believe this transition will ensure the franchise's continued success for generations to come."
New Ownership, Familiar Face
Mark Walter, 65, CEO and chairman of Guggenheim Partners, already owns 26% of the Lakers and has extensive experience in Los Angeles sports ownership through his control of the MLB's Los Angeles Dodgers and WNBA's Los Angeles Sparks. The billionaire financier is expected to bring significant resources to the franchise as it navigates the post-LeBron James era.
"I'm honored to become the steward of this incredible organization," Walter said in a statement. "The Lakers represent excellence, and we will continue building on the foundation the Buss family has created."
Cryptocurrency Gamble Gone Wrong
Industry insiders suggest the Buss family's financial difficulties stem from aggressive investments in various cryptocurrency ventures over the past three years. While specific details remain confidential, sources indicate the family faced significant liquidity challenges that made the sale necessary despite their emotional attachment to the franchise.
What's Next for the Purple and Gold
Jeanie Buss will remain in a management capacity for at least one year to facilitate the ownership transition. The sale is expected to close by the end of the 2025 calendar year, pending NBA Board of Governors approval.
With the Lakers currently rebuilding around young stars and facing decisions about aging superstars, the new ownership group will inherit both challenges and opportunities as they aim to add to the franchise's record 17 NBA championships.
The transaction marks not just the end of the Buss era, but potentially the beginning of a new chapter for one of professional sports' most valuable and successful franchises.