Shaquille O’Neal spent eight seasons helping define one of the greatest chapters in Los Angeles Lakers history.
So when the franchise’s ownership upheaval came up during an appearance on ESPN’s SportsCenter, O’Neal viewed it through two lenses: the former Lakers superstar who lived through the Buss era and the businessman who says he learned by watching the family patriarch.
“I have great admiration for the Buss family,” O’Neal said. “Learned a lot of business acumen from watching them.”
Then came his assessment of the staggering return on Dr. Jerry Buss’ original investment.
“If the rumors are true and how much they sold it for, I think it was a monumental business move,” O’Neal said.
Shaq Gives Buss Family a ‘Golf Clap’ After $12.5 Billion Lakers Sale
Buss acquired the Lakers in 1979 as part of a $67.5 million transaction that also included the NHL’s Kings, the Forum and a ranch. The Lakers portion was valued at approximately $16 million, according to the franchise.
Nearly five decades later, the Lakers are changing hands again. Mark Walter has agreed to sell the franchise to Bob Iger and Joshua Kushner at a record $12.5 billion valuation.
Measured strictly against the Lakers’ $16 million value in Buss’ original transaction, $12.5 billion represents an increase of approximately 78,025% — more than 780 times the original investment.
Even after accounting for nearly five decades of inflation, the current valuation dwarfs what Buss paid.
O’Neal had a simpler way of putting it.
“From a business standpoint, from what they purchased it for to what they sell for, you get the golf clap,” he said.
Shaq Put Jerry Buss’ Business Lessons to Work
Getty Former Los Angeles Lakers star Shaquille O’Neal speaks during a memorial service for Los Angeles Lakers owner Dr. Jerry Buss at the Nokia Theatre L.A. Live on February 21, 2013, in Los Angeles, California. Dr. Buss died at the age of 80 following an 18-month battle with cancer. Buss has won 10 NBA championships as the Lakers’ owner since purchasing the team in 1979.
O’Neal apparently did more than observe Buss’ approach.
Since retiring, the Hall of Fame center has built a sprawling business portfolio. The Los Angeles Times has reported that O’Neal has owned 155 Five Guys restaurants, 40 24 Hour Fitness gyms, 17 Auntie Anne’s locations and nine Papa John’s restaurants, among other investments.
His business career has also brought his relationship with Reebok full circle. Decades after the company signed him as an NBA star, O’Neal was named president of Reebok Basketball.
That history adds another layer to his Buss comment. O’Neal was not simply praising the owner who presided over three consecutive Lakers championships from 2000 through 2002. He was acknowledging someone whose business instincts he says influenced his own life after basketball.
O’Neal’s name also surfaced in the ownership drama for a strange reason. A false claim circulated on social media that he had purchased the Buss family’s remaining Lakers stake. He has not.
The family’s remaining 17.8% interest instead sits at the center of a dispute between Jeanie Buss and her five siblings over whether those shares will also be sold to Iger and Kushner.
O’Neal stayed away from that fight.
“It will be different not knowing that the Buss family is there with the Lakers,” he said. “But I want to wish them well. I want to congratulate them. Thank you for the great memories that they gave me.”
For Shaq, those memories apparently included a few business lessons, too.
And after watching a roughly $16 million basketball investment evolve into a franchise valued at $12.5 billion, his verdict needed only two words:
Golf clap.
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