One of the most famous teams in the world is about to change hands for the second time in less than a year for more than $10bn. Will anyone push back?
One of the most brutal lessons we must learn as fans is that the team we shed blood, sweat, and tears for is seen by those who own it as just one of many assets. That gap has never felt as wide as it does this week. On Wednesday, ESPN reported that the Los Angeles Lakers are set to change hands, again, for $12.5bn, a sum that would be a record for any American sports team (the deal must be approved by the NBA’s board of governors before it can go through). The buyers aren’t diehards who saved up every penny like the good Dr Jerry Buss in the 1970s. Those days are gone. If and when the deal is approved, the new owners will be venture capitalist Josh Kushner and his business partner, Bob Iger. Kushner is the younger brother of Jared Kushner, the titleless Wormtongue to Donald Trump’s Saruman. Iger used to run Disney. These men have connections across the political world and influence in every corner of the American empire. A franchise woven into a city’s identity should never become an asset vastly wealthy people move around like a chip around a poker table. But that is exactly what the Lakers are about to become. The way the deal came together should terrify anyone who still thinks sports belong to the fans.
Mark Walter took control of the team from the Buss family last October at a valuation of roughly $10bn. A mere 10 months later, he is set to cash out around $2bn richer. That’s not how this is supposed to work. The old guard, like Jerry Buss, used to guard their NBA teams like heirlooms and pass them down to their heirs. Walter is set to flip the team after less than a year.
Continue reading...