While the Los Angeles Lakers are largely under the ownership of the Buss family, a 4.5 percent stake is owned by billionaire Dr. Patrick Soon-Schiong, a surgeon and entrepreneur who recently made headlines with his purchase of the L.A. Times as well as a number of other smaller newspapers.
He has also been rumored to be part of a group attempting to purchase MLS D.C. United. With Soon-Schiong’s purchase of the Times speculation has arisen about what may happen to his stake in the Lakers.
It may not be a controlling interest in the team but even Soon-Schiong’s relatively small piece of the pie is extremely valuable.
According to Nathan Fenno of the L.A. Times, Soon-Schiong will indeed maintain his ownership percentage of the Lakers while leading the local newspaper:
Patrick Soon-Shiong says he’ll retain his ownership stake in the Lakers. He adds he’s purchased a suite at the Inglewood stadium next the one Rams owner Stan Kroenke will use.
— Nathan Fenno (@nathanfenno) June 18, 2018
Of course, Soon-Schiong isn’t the only person involved with the Lakers and other vast ventures. President of basketball operations Magic Johnson held on to his ownership stake in the Dodgers and other business entities after he was named head of the Lakers’ front office.
Fenno also noted the Soon-Schiong is purchasing a suite at the new Los Angeles Stadium at Hollywood Park, which will house the Rams as well as the Chargers.
Between his ownership stake in the Lakers, suite for Rams games, and now ownership of the L.A. Times, it’s clear that Soon-Schiong is a fixture in Los Angeles.
While the Lakers have had a few down years, fans and owners alike are hoping that the team is back on the right track. Currently worth $3.3 billion, one can only imagine what the Lakers’ value will be if they are successful in signing stars such as LeBron James and Paul George in free agency this summer.
As part of our efforts to help you understand how we handle the personal information you share with us, and in preparation for the new European General Data Protection Regulation (GDPR), we’ve updated our Privacy & Cookies Policy. The updated Privacy & Cookies Policy will take effect on May 22, 2018. By using our services on or after that date, you’ll be agreeing to our updated Privacy & Cookies Policy. We recommend that you read our updated Privacy & Cookies Policy in full.
