BUSINESS & Sports - AEG Announces Sale of Minority Interest in Los Angeles Lakers

When choosing players for her best all time Lakers team owner Jeanie Buss forgot that Hall of Fame former Lakers players Jerry West and Elgin Baylor ever existed - (ESPN screen shot photo) ALL TIME IGNORANCE RULES LAKERS JEANIE BUSS… DRAINING THE LAKERS SWAMP?

AEG Announces Sale of Phil Anschutz’ Minority Interest in Los Angeles Lakers to Los Angeles Dodgers Owners Mark Walter and Todd Boehly - Underscoring AEG’s vested interest in the long-term success of the Lakers, the organizations recently announced a 20-year extension which includes a significant capital investment by both AEG and the Lakers for upgrades and improvements to the Staples Arena

LOS ANGELES, CA. USA - (Business Wire)

Tuesday July 13, 2021

AEG, the world’s leading sports and live entertainment company, announced today that Los Angeles Dodgers owners, Mark Walter and Todd Boehly, have acquired Phil Anschutz’ 27% minority interest in the Los Angeles Lakers. The transaction has been approved by the Board of Governors of the NBA.

“Since we first acquired the interest in the Lakers 25 years ago, the Buss family and the entire Lakers organization have been true partners in every way, and we couldn’t be more appreciative,” said Dan Beckerman, President and CEO of AEG. “Our relationship with the Lakers has always been and will continue to be important to AEG. We share a vision and commitment to delivering the best experiences to Lakers fans, and we remain strongly invested in the franchise's long-term success. We are confident that with Jeanie as the team’s Controlling Owner, the Lakers will continue to be the gold standard in the NBA. Mark Walter and Todd Boehly are great additions to the ownership group, and we look forward to partnering with them for many years to come.”

“We’ve had the opportunity to get to know Mark and Todd through their ownership of the WNBA’s Los Angeles Sparks and welcome them to the Lakers’ family,” said NBA Commissioner Adam Silver. “We thank Phil Anschutz and AEG for their long tenure as minority owners of the Lakers and are pleased that they will remain an important partner to both the Lakers and the league through their ownership of Staples Center and numerous other basketball arenas around the world.”

Underscoring AEG’s vested interest in the long-term success of the Lakers, the organizations recently announced a 20-year extension which includes a significant capital investment by both AEG and the Lakers for upgrades and improvements to the arena which will remain the franchise’s downtown home through the 2041 season.

“For more than two decades, AEG and Phil Anschutz have been incredibly supportive partners, and this transaction is additive as we are welcoming two new visionary and respected leaders in the sports and business sectors,” said Tim Harris, President of Business Operations for the Los Angeles Lakers and Alternate Governor. “Our long-standing relationship with AEG will not change, and we look forward to another 20-plus years of our great partnership. We welcome Mark and Todd with open arms as we continue along our journey.”

Boehly will be joining the Los Angeles Lakers Board of Directors, representing the interests of both Walter and Boehly.

Walter owns businesses in many sectors including Financial Services, Commercial Real Estate, Renewable Energy and Infrastructure, Media and Entertainment and Insurance, among others. Walter is the Co-founder and CEO of Guggenheim Partners, a privately held global financial services firm with more than $290 billion in assets under management and also is the Chairman of the Los Angeles Dodgers Major League Baseball franchise.

“The Los Angeles Lakers are one of the most successful and admired franchises in sports history,” said Walter. “I have watched the organization grow under Jeanie’s leadership and couldn’t be more excited to partner with her and the entire management team. I am committed to supporting the franchise’s iconic status by continuing to bring together culture, community and entertainment to Lakers’ fans.”

Boehly is the Co-founder, Chairman and CEO of Eldridge, a holding company that invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media, Real Estate, and Consumer landscapes and he is part-owner of the Los Angeles Dodgers Major League Baseball franchise.

“The Los Angeles Lakers have built and sustained a championship culture that has inspired fans around the world,” said Boehly. “Mark and I know first-hand the commitment and energy required to achieve such success both throughout the organization, and vitally, from the fans across the great City of Los Angeles. I am thrilled to join the Lakers ownership group, supporting Jeanie and the organization’s vision, as the franchise builds on its storied history and commitment to community.”

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