Mark Walter may be buying the Lakers, but it’s still unclear how long Jeanie Buss will remain as team governor.
The press release announcing the record-breaking deal on June 25 said Buss would stay on as governor and oversee day-to-day team operations “for the foreseeable future,” a description that didn’t offer specificity. Two sources familiar with the matter tell Front Office Sports the agreement—which carries a jaw-dropping $10 billion valuation—will allow Buss to remain as team governor for “at least” five years. Sam Amick of The Athletic also reported that earlier Wednesday. Another source familiar with the matter, however, tells FOS that Buss will only be able to stay on for “at most” five years.
The previous owner staying on for a temporary time period is unusual but not unheard of. The deal that held the record for biggest pro sports franchise sale ever prior to the Lakers sale—the $6.1 billion sale of the Celtics—featured a similar wrinkle. There, Wyc Grousbeck is expected to stay on as CEO and governor through the 2027–28 season.
Before that, Mark Cuban intended to continue overseeing basketball operations for the Mavericks after he sold his majority stake at a $3.5 billion valuation in December 2023, but that didn’t end up working out: Cuban was just as shocked as the rest of the world when Luka Dončić was traded to the Lakers.
Perhaps the goal is to establish continuity for the organization that allows for a phasing out of the old owner and phasing in of the new owner. Dave Checketts, a longtime sports executive who for many years ran the Knicks and Jazz, recently told FOS that continuity is key for pro sports franchises.
“Players need to know who they play for and who makes the decisions,” he said. “There’s a level of trust that grows in the organization when there’s that continuity.”
Guaranteeing an outgoing owner significant power after they have sold their majority stake can be risky, though. In early 2020, a deal for Steve Cohen to buy the Mets collapsed, in part because of controversy over a provision that would have allowed the outgoing Wilpon family to remain in executive roles for five years after the completion of the sale (reports said the Wilpons wanted team control even beyond five years). Later in 2020, Cohen came back to the table and ultimately agreed to a $2.4 billion acquisition of the Mets; the deal saw the Wilpons exit, with Fred Wilpon maintaining only the honorary title of chairman emeritus.
A representative for Walter declined to comment, and representatives for the NBA and Lakers did not immediately respond to requests for comment.
