Shaquille O’Neal believes the Buss family’s decision makes sense financially, even if its exit will leave the Lakers feeling different.
Shaquille O’Neal understands why the Buss family is prepared to end its historic association with the Los Angeles Lakers.
The Hall of Fame center defended the family’s decision to sell its remaining 17.8% ownership stake following the unexpected sale of Mark Walter’s majority interest to Bob Iger and Josh Kushner. That transaction reportedly valued the Lakers at an NBA-record $12.5 billion.
“I have great admiration for the Buss family,” O’Neal said during an appearance on ESPN’s “SportsCenter.” “Learned a lot of business acumen from watching them. And I can remember how much Mr. Buss paid for the team. So if the rumors are true on how much they sold it for, I think it was a monumental business move.”
Jerry Buss purchased the Lakers, Los Angeles Kings, The Forum and a ranch in 1979 for approximately $67.5 million. Under his leadership, the Lakers became one of the most valuable and recognizable franchises in professional sports.
Shaq recognizes the business opportunity
The proposed $12.5 billion valuation helps explain why five of Jerry Buss’ six children voted to sell the family trust’s remaining shares.
According to multiple reports, Jeanie Buss opposed the decision and is disputing whether her siblings had the authority to complete the sale. Her brothers and sisters — Jim, Johnny, Janie, Joey and Jesse — supported moving forward.
The family’s remaining interest would be worth more than $2.2 billion at the reported valuation, although the final amount could be affected by the structure and terms of the transaction.
For O’Neal, that potential return makes the decision understandable. He also acknowledged that the Lakers will not feel the same without a Buss family presence.
“It will be different not knowing that the Buss family is there with the Lakers, but I want to wish them well, want to congratulate them,” O’Neal said.
End of a defining Lakers era
O’Neal has a personal understanding of what the Buss family meant to the organization. Jerry Buss signed him to a seven-year, $120 million contract in 1996, establishing the foundation of a team that won three consecutive championships from 2000 through 2002.
O’Neal won three NBA Finals MVP awards during that run and later had his No. 34 jersey retired by the franchise.
The Buss family has been associated with 11 of the Lakers’ 17 championships, making its potential departure far more significant than a typical ownership change. Jeanie Buss has served as the team’s governor since her father’s death in 2013 and oversaw its 2020 championship.
NBA rules generally require a team governor to maintain at least a 15% ownership interest. If the family’s entire stake is sold, Jeanie would no longer meet that requirement.
The legal disagreement could delay the process, but O’Neal’s position is clear: Losing the Buss family would be emotional for Lakers supporters, but walking away at a historic valuation is a business decision he can respect.
