Who Are the Majority and Minority Stakeholders of the Los Angeles Lakers?

Published 10/27/2020, 2:00 PM EDT

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The Los Angeles Lakers are one of the most storied franchises in the NBA. They’re tied with the Celtics as the most decorated team in history, with 17 championships to their name. The team is valued at a whopping $4.4B according to Forbes’ recent estimation. So who are all the people that own a stake in the Lakers? 

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The NBA has seen a lot of great owners in the past. Even now, team owners build a family around the franchise, planting the seeds, waiting for it to reap success and it becomes habitual. There are owners who pass on the team to their future generations, and one such man was Dr. Jerry Buss. 

The Buss family’s involvement with the Los Angeles Lakers 

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Jerry Buss loved the city of Los Angeles and used every bit of money that he made, to purchase the Lakers, the NHL’s Los Angeles Kings, the Forum, a ranch in Kern County for a combined value of $67.5 million. 

Buss bought the Lakers in 1979, after which the team saw a meteoric rise. ‘The Showtime’ era was born, the three-peat was accomplished and so much more. The great man ran the show for 34 years as the controlling owner, till the time of his death. 

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However, Buss did not wait until the last moment to alert his offsprings about the gravity of his position. He meticulously involved them in the team as he saw fit and when he died in 2013, the 66% controlling ownership Buss owned went down to six of his children through equal shares. 

The Buss Family Trust now owns the Lakers, with Jeanie Buss acting as the President.  Buss also became the first female controlling owner to win an NBA championship after the Lakers conquered the Orlando bubble.  She’s the eldest daughter of Jerry Buss and it is often said that he wanted Jeanie to take over his role as the controlling owner. 

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Who are the minority owners of the franchise? 

 

Philip Anschutz

Philip Anschutz is an American billionaire who owns a plethora of companies across several sectors. The 80-year-old has a net worth of $10.1 billion. Anschutz is extremely influential in Los Angeles and he owns a third of the Lakers. 

The Anschutz Entertainment Group is a flourishing company worldwide, which operates more than 100 arenas and concert venues worldwide. Anschutz also owns the Lakers’ and the Clippers’ home arena – The Staples Center. 

Patrick Soon-Shiong

Dr. Patrick Soon-Shiong is a doctor who also happens to be a billionaire businessman. He made a large share of his wealth when he sold his drug companies Abraxis and American Pharmaceutical Partners for a combined worth of $9.1 billion. 

Soon-Shiong is also the founder of the cancer drug Abraxane, which has major fighting effects against pancreatic cancer and also owns a towering list of honors in his medical profile. After being a season ticket-holder for more than 25 years, Soon-Shiong purchased a minority share of the Lakers from Magic Johnson. 

“It is an honor for me to be part of the Lakers family and the nation’s foremost basketball franchise,” Soon-Shiong said in a statement. “Earvin Johnson is a shining example of excellence on and off the court, and it is a privilege to have acquired his ownership position,” he added. 

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The franchise was first and foremost owned by Ben Berger when the team played in Minneapolis. The relocation happened during 1957 when Robert Short was at the helm of ownership. He raised $150,000 along with his college friend and a group of 30 investors to purchase the team, after which he was named President. 

The Los Angeles Lakers were then passed on to the hands of Jack Kent Cooke. The Canadian- American businessman bought the team for a sum of $5.2 million from Robert Short.

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Cooke was successful and he owned several professional teams, enjoying paramount success. Then, Dr. Jerry Buss acquired the franchise, and the rest is history (Or scroll on top to read again)!

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Written by:

Arjun Athreya

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Arjun Athreya is a senior writer at Essentially Sports and has been contributing since early 2020. Having developed an avid interest in sports at an early age, he pursued a Journalism degree and graduated from Madras Christian College. Arjun manages the Golf division and its content, and primarily covers news pertaining to the NBA as well.
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