Bob Iger and Josh Kushner bought a majority stake in the Lakers from Mark Walter earlier this month for a record-breaking $12.5 billion valuation.
Of the remaining piece of the pie, Dr. Patrick Soon-Shiong holds a minority stake of around 4%. According to ESPN’s Dave McMenamin, he isn’t planning on selling it any time soon.
Dr. Patrick Soon-Shiong Unwilling to Relinquish His Minority Stake in the Lakers
Dr. Soon-Shiong, who has a net worth of around $9.4 billion (per Forbes), bought his 4% stake in the Lakers from Magic Johnson in 2010 for an amount reported at the time to be ‘a lot more’ than $27 million.
Following the latest sale of the Lakers, there was speculation about whether the minority stakeholders would remain as part of the new ownership structure. Dr. Soon-Shiong’s representatives have now revealed that he has no plans to sell his shares.
“Dr. Patrick is absolutely not selling his minority share of the Lakers. Bob Iger and Josh Kushner are good friends, and we will be joining them as supportive, active and engaged partners once they close the transaction with Mr. Walter. We are extremely excited about the Lakers’ future and look forward to many more championship years,” Dr. Soon-Shiong’s attorney Chuck Kenworthy told ESPN.
Dr. Soon-Shiong has been an active part of the Lakers franchise for well over a decade, both as an owner and as a fan. He was also friends with Lakers legend Kobe Bryant, and advised him to undergo surgery after rupturing his Achilles in 2013.
In addition to his stake in the Lakers, Dr. Soon-Shiong also owns the Los Angeles Times and invented the cancer drug Abraxane.
While Dr. Soon-Shiong has decided not to sell his stake, questions still remain about the Buss family’s stakes.
Lakers governor Jeanie Buss is facing a fight to retain the family’s stake in the Lakers. Her other five siblings, Johnny, Jimmy, Janie, Joey, and Jesse, have all agreed to the sale of their collective 17.8% minority stake. However, Jeanie’s lawyers have maintained that the sale cannot go through without her approval.
Despite Jeanie’s insistence that the sale cannot be completed, her five siblings remain steadfast in their decision to sell their stake.
Jerry Buss purchased the Lakers in 1979, and his daughter Jeanie took over as controlling owner after his death. She had an agreement with Walter to remain the team’s governor until 2030.
While Iger has maintained that the new owners would be open to honoring that agreement, Buss would need to hold at least 15% ownership to retain her position as governor. However, if the other Buss siblings decide to sell, she would only be left with around 3% ownership of the franchise.
