what did earlier reports about the sale say?
The ESPN report called out by the letter said the Buss family will sell their 17.8% stake to two new principal owners of the franchise. The report noted that as a result of the sale Jeanie Buss would lose her role as the team governor under NBA rules requiring owners/governors to own at least 15% of a team. The Athletic reported that a vote on the matter was held last week by the Buss family trust, which is made up of former Lakers owner Jerry Buss’ six children. The report said Jeanie Buss, Janie Buss and Joey Buss will be responsible for enacting the actual sale.
Read more Why Mark Walter—Facing Federal Scrutiny And Trump Conspiracy Theories—May Have Sold The Lakers
Big Number
$10 billion. That is how much Forbes estimated the Lakers’ value at in January, when the team ranked No. 18 on Forbes’ list of the world’s most profitable sports teams.
Key Background
Walter, who is the controlling owner of the Los Angeles Dodgers and the Los Angeles Sparks, agreed to sell the Lakers to Kushner and Iger last week for $12.5 billion just 14 months after he purchased the team when it was valued at $10 billion. Federal investigators are probing whether insurance firms owned by Walter improperly funnelled money to other companies of his. The timing of the investigation and his sale of the Lakers provoked conspiracy theories claiming the federal inquiry may have benefited Kushner, who is the brother of President Donald Trump’s son-in-law Jared Kushner. Sports team owners typically keep or stay in business with their teams for decades, further fueling speculation around Walter’s decision to sell. Amid concerns that Josh Kushner, a Democrat, was benefiting from his link to the president, the White House said he “has nothing to do with President Trump or his administration.”
Read more British Prime Minister Andy Burnham Messaged White House Chief Of Staff Impersonator
Further Reading
Why Mark Walter—Facing Federal Scrutiny And Trump Conspiracy Theories—May Have Sold The Lakers (Forbes)
Mark Walter May Sell Chelsea Stake After Sudden Lakers Sale, Report Says (Forbes)
Read more AI Will ‘Likely’ Beat Doctors At Key Medical Tasks By 2030, Billionaire’s Son Argues