By admin 
When Mark Walter bought the Los Angeles Lakers last year, many hailed it as a changing of the guard. The Buss family had taken care of the Lakers for decades as a family business, and with the changing times, it was the right opportunity to hand it over to a team of professionals who had a track record of building champions. However, that vision quickly dissipated when Walter shockingly sold the legendary franchise to Bob Iger and Josh Kushner last week.
Read more PG&E gets $271 million from Trump administration to help pay off Diablo Canyon loan
With the Lakers changing ownership for the second time in 14 months, former Showtime Lakers guard Byron Scott, who played his first 11 NBA seasons for the Purple and Gold, offered Iger and Kushner some advice.
“Go look back 30, 40 years and look at how Dr. Buss ran the organization,” said Scott. “That’s the blueprint of being successful, right? But like you said, they’re not doing that because they’re not into it like that. They not involved like that. Because when Dr. Buss bought the Lakers, it was his money.”
Dr. Buss turned the Lakers into a family business
Dr. Jerry Buss bought the Lakers from businessman Jack Kent Cooke in 1979 for $67.5 million, intending to turn the franchise into one of the league’s most successful organizations while keeping it within his family. With a fan mindset and sharp business sense, Buss combined sport and entertainment and assembled a high-octane team, which was aptly dubbed the ‘Showtime Lakers.’
Led by Magic Johnson, the ‘Showtime’ era produced five NBA titles during the 80s. The Lakers won three more with Kobe Bryant and Shaquille O’Neal from 200-02, and added two more with Kobe and Pau Gasol at the helm in 2009 and 2010. After Dr. Buss passed away in 2013, his daughter, Jeanie, took over as majority owner and governor. She led them to the 2020 NBA title at the Orlando Bubble.
“He bought this team not only to make money, but he bought it as a family business. He wanted to hand this down to Jeanie and the rest of the Buss family, his grandkids and everything. He wasn’t buying this to flip it. He was buying this to be in the family for the rest of their lives,” added Scott.
Related: “Mostly big black gay ladies and a few scared-looking Sophie Cunninghams” – Joe Rogan calls out NBA-WNBA sexuality double standard
The Lakers were Dr. Buss’ brainchild
To the Buss family, the Lakers were their bread and butter. That’s why Dr. Buss took care of it with the diligence of a good father. However, Walter is different. His main business is Guggenheim Partners, an investment and advisory firm that engages in investment banking, asset management, capital markets, and insurance services.
He looked at the Lakers as part of a large business portfolio that includes the Los Angeles Dodgers, Los Angeles Sparks, Chelsea FC, Professional Women’s Hockey League, Cadillac Formula One, and the Billie Jean King Cup. So when he had a chance to sell at a huge profit after just a very short period, he took the bait as any good businessman would. But that’s where the big difference lies.
Now that the Lakers are in the hands of Iger and Kushner, there’s no guarantee they’ll keep it as long as the Buss family did.
Who knows? They might not even last longer than Walter if another opportunity for profit comes along. But that’s the reality today. No matter how B-Scot wants the new owners to treat the Lakers like Dr. Buss did, that is impossible in today’s landscape, where owners are after profit rather than leaving a lasting legacy.
Read more Lawmakers to convene Tahoe Summit with a focus on progress and funding
Related: Buss family agrees to sell remaining Lakers ownership stake
Copyright 2026 The Arena Group, Inc. All Rights Reserved
This story was originally published August 18, 2026 at 1:15 AM.