Daniels, Partner in Cable’s Prime Ticket, Buys 5% of the Lakers From Buss’ Ex-Wife
Bill Daniels, a longtime cable television executive, has purchased 5% of the Lakers, the National Basketball Assn. team’s principal owner, Jerry Buss, said Tuesday.
Daniels, who is a partner with Buss in the Prime Ticket sports cable channel, bought part of the shares owned by Buss’ former wife, Joann, who recently sold 25% of her shares in the Kings hockey team to Bruce McNall, Buss’ close friend. McNall has an option to buy up 49%.
Buss’ ex-wife had owned a fraction less than 50% of the basketball team. Buss owns a fraction more than 50%.
Daniels has substantial holdings in cable television companies in Southern California. He was once an owner of the Utah franchise of the now-defunct American Basketball Assn.
Reached in New York on Tuesday evening, Daniels said it was his belief in the future of cable television that promoted his purchase.
“I think cable is going to play a much more prominent part in professional sports in years to come,†he said. “I’ve been out of professional sports for three years and I wanted to get back in. I wanted to get a closer look at (the interrelationship between) cable and sports. This gives me the opportunity to do so.â€
Daniels declined to comment on the purchase price other than saying it was “5% of what they (the Lakers) are worth.†(A recent survey by Fortune magazine put the value of the Laker franchise at $36 to $40 million.)
He said he will not be playing an active role in the running of the franchise.
“Jerry (Buss) will still be in complete control,†he said. “I think he’s done an excellent job. What’s that old saying? If it ain’t broke, don’t fix it?â€
Asked whether he would be increasing the percentage he owns at a later date, Daniels said it was possible.
“If it was priced right and if I had the money, it’s possible,†he said, adding that he did not expect ever to become the team’s majority owner, however.
“Never is a pretty strong word,†he said, “but I doubt it.â€
The deal must be approved by NBA Commissioner David Stern, whose office has been made aware of the transaction. Similarly, the Kings’ transaction must be approved by NHL owners.
“I’ve known David (Stern) for years,†Daniels said, adding that he does not foresee any problem in the league granting its approval.
All things Lakers, all the time.
Get all the Lakers news you need in Dan Woike's weekly newsletter.
You may occasionally receive promotional content from the Los Angeles Times.
