If this trade is finalized, the Los Angeles Lakers will become the most expensive team in sports history—$10 billion, directly breaking the previous record of $6.05 billion set by the Celtics just a few months ago. Behind this lies a super capital story of 'from tens of millions to hundreds of billions.'
In 1979, former Lakers owner Jerry Buss spent $67.5 million to buy the Los Angeles Lakers, the Los Angeles Kings hockey team, and some real estate, which today would be approximately $290 million adjusted for inflation. Now, this asset's overall valuation has exceeded $10 billion, with a return rate of over 148 times. If you think this is just the book value of the assets, you may have overlooked that in these decades, the Lakers have won 10 NBA championships, with ticket sales, broadcasting rights, and surrounding IP all generating streams of dollar signs.
This trade, considered a 'myth of sports investment', has also entered an extremely commercial transition point with the 'high-level cash out' of old Buss's daughter, Jeanie Buss.
In fact, the Buss family does not lack sentiment. The Lakers went from the 'Showtime' era to the three-peat of the Shaq-Kobe duo, then to Kobe's last dance, and finally to LeBron leading the team to the championship in 2020—all of this happened under their management. But sentiment cannot withstand the operational pressures of reality.
After the influx of internet moguls like Ballmer and Tsai Chongxin into the NBA, spending money has become the new norm. Buying teams for $2 billion or $3 billion is one thing; player salaries, luxury taxes, and building arenas are all expenses that are incurred without a second thought. And the Lakers, even with top-tier market resources, face the dilemma of 'operational difficulties not easily overcome'. Huge contracts are no longer easily negotiated, and the choices of players like Caruso and Tyronn Lue—one negotiation falling through and one being hard to let go—reflect the upper management's 'cash anxiety'.
Jeanie Buss's decision to 'let go' is actually a very pragmatic choice. Selling 66% of her shares while retaining significant ownership and continuing to manage the team means she doesn't fully hand over control. More importantly, the new owner Mark Walter is not a stranger—he had already purchased a small portion of the Lakers' shares back in 2021 and is also Magic Johnson's business partner, jointly operating a portfolio of sports assets including MLB's Dodgers, WNBA's Sparks, and MLS's LAFC.
The key point is that Walter is a super financial-savvy 'sports player'. His identity is not only a sports investor but also the CEO of Guggenheim Partners, an asset management giant, overseeing more than $330 billion in assets. He understands capital operations, market rhythms, and knows how to turn a team into a global brand.
One could say that Jeanie Buss has completed a 'textbook-style' business exit. She left the family's sentiment on the plaque, sold her shares at the highest position, and then handed the Lakers over to a more professional and resourceful investment group.
This is also why Magic Johnson excitedly said after hearing about this trade, 'Lakers fans should be happy; this person not only knows how to win but has enough resources to make the team win.'
For fans, it may be a mix of emotions, but for a team, this is indeed a real transformation from 'sentimental operations' to 'asset upgrades'. Moving forward, whether the Lakers can rebuild their dynasty, whether LeBron can postpone retirement, and whether fans can maintain emotional resonance—these are all the beginning of a new story.
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