NBA rumors: Doesn t the entire Bass family support the Los Angeles Lakers for sale?
A new report shows that the Los Angeles Lakers' sale agreement this week has not been unanimously supported by the Bass family. The Lakers shocked the basketball world Wednesday night when they announced that most of their control had been sold to Mark Walter. The CEO of Guggenheim Partnership and TGW Holdings, and the current owner of the Los Angeles Dodgers, Los Angeles Sparks and Cadillac Formula One team, has previously owned a considerable stake in the Lakers. Related Report: The Bass family made nearly 15,000% of the $10 billion sale of the Los Angeles Lakers, however, although Walter already owns a part of the team's equity, he still needs to pay a record $10 billion to become the Lakers' top decision-maker. That's nearly $4 billion more than the sale price of legendary team Boston Celtics last year. And just last year, the Celtics just won another NBA championship. Given the selling price of their shares, the current Lakers helmsman, the Bass family, seems to be fully supporting the huge gain. But maybe that's not the case. "The Los Angeles Lakers originally planned to sell to Mark Walter for $10 billion, but the Buss siblings passed the deal with a majority vote," a person familiar with the matter told ESPN NBA insider Dave McMenaming on Wednesday. The Buss family owns 66% of the Lakers. Their father, Dr. Jerry Bass, who acquired the team in 1979, set the rules that his children have the final say when selling the team. And this must be passed by a majority vote. After the sale, the Bass family will still hold a 15% stake in the Lakers. Retaining part of the ownership and splitting $10 billion into six shares, this looks like a good plan. However, according to McMenaming, this was a majority vote, not a unanimous pass. This shows that not all Bass' children agree to give up control of the team. Incumbent team president Jenny Buss will continue to hold this position for the foreseeable future. Her brothers have tried to force her to step down in the past. It is unclear whether family members who are reluctant to sell the team will try to delay the completion and reach an agreement.
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