Magic Johnson is synonymous with the Los Angeles Lakers. He’s Showtime. He’s a legend. He’s a part-owner. But as the biggest ownership shake-up in the team’s history went down, Magic was nowhere near L.A. He was on a boat. The optics were… interesting, to say the least.
And this wasn’t just any boat trip. This was Magic’s famous annual yacht vacation, a tradition that has become legendary in its own right. We’re talking about a six-week, multi-country tour on the Phoenix 2, a mega-yacht that costs a reported $7.5 million to charter for that length of time. This is the trip where he hosts his A-list friends like Michael Jordan and Samuel L. Jackson. He even gave his followers a little peek into the good life, posting an Instagram story of a stunning rooftop dinner. “Having dinner on the top of the yacht tonight!” he wrote. “Look at this beautiful table setting and the delicious food the chefs are making for us!”
But while Magic was enjoying his “delicious food,” his “sister” and Lakers controlling owner, Jeanie Buss, was finalizing a deal that would change the franchise forever. In a move that seemed to happen almost silently, reports broke that the Buss family had agreed to sell their majority stake in the team to Mark Walter, CEO of TWG Global.
This actually feels like the end of an era that began when Dr. Jerry Buss bought the team in 1979 for just $67.5 million. So why, after more than four decades, would the family sell? The answer seems to be a mix of smart business and complicated family dynamics. First, the timing was perfect. With the Lakers’ valuation soaring to a staggering $10 billion—a massive jump from even the $7 billion Forbes estimated earlier this year—it was a golden opportunity to cash in.
That valuation, which surpasses the recent $6.1 billion sale of the Celtics, is fueled by the team’s massive popularity and a lucrative $400 million annual TV deal. On top of that, reports have long hinted at internal power struggles between Jeanie and her siblings, Jim and Johnny, ever since their father’s passing in 2013. A sale now ensures that all of Jerry Buss’s children can secure their piece of the fortune he built, ending any lingering family tension.
(This is a developing story…)
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