@zach

6mo

The NBA Suspends its Season: Today in Sports History

On March 11th, 2020, the NBA announced the suspension of the 2019-20 season following Utah Jazz center Rudy Gobert testing positive for COVID-19. Gobert’s positive test came prior to the tip-off of a Jazz-Thunder game in Oklahoma City. After the referees became aware of the situation, they talked with coaches, sent all players back to the locker rooms, and the league’s decision was told to the scorer’s table, broadcasters and PA announcer Mario Nanni. Nanni announced that the game was postponed "due to unforeseen circumstances", and to safely depart the arena with a reassurance the crowd was "all safe". Two days prior, Gobert attempted to poke fun at the ensuing global pandemic white leaving a press conference. He went out of his way to touch every microphone being used.

NBA

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Blocked By Jeanie

The Buss family’s 47 year ownership of the Lakers may be approaching a messy conclusion. ESPN’s Shams Charania reported that at least five of Jerry Buss’s six children voted to sell the family trust’s remaining 17.8% stake to the prospective ownership group led by Josh Kushner and Bob Iger. If completed, the sale would leave Jeanie Buss below the NBA’s reported 15% ownership requirement for serving as team governor. But Jeanie is challenging the vote. In a legal letter first obtained by CNBC, her attorney argued that the shares cannot be sold without the approval of the trust’s co-trustees - Jeanie, Janie and Joey Bus - and cited a court order requiring the family to retain enough ownership for Jeanie to remain in control. The dispute follows Mark Walter’s agreement to sell his controlling interest in the Lakers to the Kushner-Iger group at a $12.5 billion valuation - less than a year after purchasing it at a $10 billion valuation. The Lakers may be changing hands for the second time in a year, but the Buss family’s fight over the franchise is not over yet.

@nick

Mark Walter Under Investigation

Mark Walter’s sudden sale of the Lakers may be connected to a federal investigation involving his insurance companies. Joe Pompliano reports that Walter revised the amount of insurance company assets loaned to businesses he controlled from $1.4 billion to $21 billion. Federal prosecutors and the SEC are investigating, having already seized Walter’s phone and computer. Meanwhile Walter has reportedly been working to raise billions and restructure those loans. Pompliano believes the financial pressure likely contributed to Walter selling the Lakers shortly after acquiring control of the franchise, although that connection has not been officially confirmed. The potential fallout could extend across Walter’s sports portfolio that includes not only the Lakers but other top tier franchises like the Dodgers, Chelsea FC, and the Cadillac Formula 1 team. Darren Rovell warned that the Guggenheim related entanglements could, at minimum, lead to additional team sales. Jacob of @AndThatsBB also noted that Shohei Ohtani’s Dodgers contract contains a provision allowing him to opt out if Walter or Andrew Friedman is no longer involved with the team. This remains a developing story but the dominos that are in place to fall here are massive. Sources: Joe Pompliano/Huddle Up; Darren Rovell (@darrenrovell); Jacob (@AndThatsBB); Reuters; ESPN.

@nick

Lakers Sold for Record $12B

Per Ramona Shelbourne (X @ramonashelburne) - The Los Angeles Lakers are being sold to American businessman Josh Kushner and Bob Iger for a record breaking price over $12 billion, multiple sources told ESPN. Kushner and Iger were involved in the expansion process in Las Vegas, but a stunning turn, they pivoted to make an aggressive offer to buy the Lakers from Mark Walter, who had purchased a controlling interest in the team from the Buss family last year.