Latest posts by Ross Pickering (see all)
Just when you thought it couldn’t get worse, right?
The Los Angeles Lakers‘ season has been an epic fail so far this year. It’s just been one thing after another, and now, Kevin Ding says that the team’s ownership could change hands in the coming years:
There are already rumblings about very rich men gearing up to bid and outside investors putting together ownership groups with the idea that the discord within the family will lead the children to sell what Jerry Buss holds: 66 percent ownership of the Lakers.
Details are scarce as to how Buss’ trust is set up, but it is believed that amid all the complicated rules and regulations, the children agreed previously to heed their father’s wishes and structure the trust to keep that majority ownership in the family. The six children (Johnny, Jim, Jeanie, Janie, Joey and Jesse) are believed to be locked in together by the trust – so that they stay together or they sell together. It is unclear if any one of them can sell his or her individual shares at any point, though logic would suggest that no one can be bound for perpetuity.
Great. A certain Kanye West song comes to mind for all the news and events we’ve had so far this season: All Falls Down.
It’d be heartbreaking to see them sold to a generic ownership group. I just hope this doesn’t actually happen. I know Jerry doesn’t want it to happen.
Hopefully, all the kids can get along and the Buss family can continue to lead the Lakers to championships for years to come.