The Los Angeles Lakers were bought by Mark Walter just over a year ago for a value worth around $10 billion. He bought it from the Buss family, and he controlled both the Lakers and the Dodgers. Just 14 months later, he sold the Lakers franchise he bought.
Walter sold the franchise to Bob Iger and Josh Kushner for a record $12.5 billion. It was a strange turnaround after he bought one of the most iconic franchises in all of sports. Those within the organization weren’t big fans of some of the changes he ended up making.
GettyLos Angeles Lakers owner Mark Walter poses for a photo. (Photo by Kevin Winter/Getty Images)
Lakers Staffers Frustrated With Changes Made by Mark Walter
According to a report from The Athletic, those within the organization didn’t love all of the changes that were made. In fact, one person within the organization summarized Walter’s ownership tenure as a “weird vibe”. Part of that was because of basketball decisions that were made.
“But at least on the basketball side of the operation, few of those changes took hold. The bigger moves under Walter’s leadership were designed to increase profits. The Lakers conducted multiple rounds of layoffs and announced a significant increase in season-ticket prices, with some raised by more than 40 percent.”
Moving the G League team was also a point of consternation, according to the report.
“The Lakers also moved their G League affiliate from inside its El Segundo facility to the Coachella Valley near Palm Springs, a business decision that frustrated Lakers basketball executives because it distanced the team from its developmental players and coaches.”
Los Angeles also conducted multiple layoffs across the organization in order to increase profits. Walter quickly ended up selling the franchise, and it is still unclear why he made this decision. His business is under investigation by the SEC and the DOJ.
GettyLos Angeles Lakers guard Luka Doncic reacts after a game. (Photo by Kenneth Richmond/Getty Images)
Where Los Angeles Goes From Here After Being Sold
With Iger and Kushner taking over the team, the Lakers have more questions than answers regarding their future. On the court, the team made a massive overhaul in the offseason. Still, the team is built around Luka Doncic and the type of players he wants around him.
A season ago, the Lakers had the 11th-worst defense in the league. That was the big motivation for bringing in Walker Kessler in a massive sign-and-trade. However, they are still far behind both Oklahoma City and San Antonio when it comes to the pecking order in the Western Conference.
It’s unclear what Iger and Kushner will want to do with the finances of the team moving forward. Will they be willing to spend into the second apron to compete with the Thunder and the Spurs? Or will they be more conservative when it comes to their approach after the massive price tag to buy the team?
Next season might be a clue to what the future of the franchise is going to be centered around.
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