Credit PI via ZUMA Press Wire - Scanpix
Byron Scott is alarmed over the sudden and unforeseen ownership changes that unfolded around the Los Angeles Lakers.
In Byron Scott's "Fast Break" podcast, the franchise legend expressed bewilderment about the Lakers' stunning sale. While Magic Johnson previously expressed pride in the new ownership group, Scott is concerned that Los Angeles has lost some of its prestige following the recent deal.
"That's kind of what it looks like, right? And I'm kind of, as far as being a Laker fan for so many years, the Buss family controlling the Laker organization was all about winning, all about culture, all about family. It seemed that that's gone now.
"I think it's more of a transaction today than it has ever been. I don't think any of us sitting here right now thought 14 months ago that the Lakers would sell for $10 billion and then today sell for $12.5 billion. So for me, I always look at it and go, 'Wait a minute, what's going on?' You just bought them for $10 billion, now you sell them for $12.5 billion. Then you hear all the reports of some shady stuff going on, and now you're being investigated by the feds and the IRS and all this other stuff that's going on.
"So, I mean, it's almost like with everything that the Walters are doing, this is like a punchline. And that organization, to me, is still one of the greatest organizations in all of sports. To have to go through this in the last 14 months is trifling to me."
Play
Lakers mark stunning ownership change after 14 months
In June last year, Mark Walter assumed full control of the Los Angeles Lakers after purchasing the franchise from the Buss family in a reported $10 billion deal. This marked a new era for the franchise, as the Lakers have embraced a new owner after over four decades of being under the family of the late Jerry Buss.
But 14 months later, Walter stunned the entire NBA last week after it was revealed that he sold his majority ownership stake to Josh Kushner and Bob Iger for a record-breaking $12.5 billion.
The entire process took only three days, as Walter flipped the Lakers for a $2.5 billion profit amid recent reports surrounding an active federal loan fraud investigation led by the FBI and the SEC into his business empire.
As he was used to the Lakers' stability and success under the leadership of the Buss family, especially as a core member of the Showtime era in the '80s, Byron Scott is saddened about the recent developments in Los Angeles.
"It ain't about knowing basketball anymore," Scott added. "These guys are doing it now because it's something to talk about. It's a hobby. It's a hobby to these guys now. It ain't about winning. It's a toy. It's a hobby."
The Lakers' ownership change has taken another dramatic twist, as team governor Jeanie Buss and her five siblings are currently in a heated, legal dispute over selling their 17.8% remaining ownership stake of the franchise to Kushner and Iger.