Hold up, Lakers fans, because some significant news just dropped from the ownership front that clears up a lot of the chatter we have been hearing. Patrick Soon-Shiong, a minority owner with a 4% stake in the team, is absolutely not selling his share of the franchise. His attorney made it crystal clear this Thursday, shutting down any rumors you might have heard about his status.
“Tiger” Kenworthy Says Soon-Shiong Is All In
We gotta talk about Chuck “Tiger” Kenworthy for a sec, the Soon-Shiong family attorney who delivered the news. You know, you hear a name like “Tiger” and it kinda sticks. Anyway, Tiger spoke to Dave McMenamin of ESPN and did not mince words, saying, “Dr. Patrick is absolutely not selling his minority share of the Lakers.” This is huge for the ownership stability amidst all the talk swirling around Mark Walter, Jeanie Buss and her siblings, Bob Iger, and Josh Kushner. Tiger also added that they are “extremely excited about the Lakers’ future and look forward to many more championship years,” confirming they’re ready to jump in as “supportive, active and engaged partners” once Iger and Kushner finalize their transaction with Walter.
The Lakers Are “Undervalued,” And That’s Why He Stays
But wait, there’s more. Tiger gave an even juicier quote to Bill Shaikin of the LA Times that really peels back the curtain on Soon-Shiong’s mindset. He flat out said, “We love the Lakers. We believe in the Lakers. We believe in the future of the Lakers and the championship years they are going to have. And we believe they are still undervalued.” Think about that for a second. An owner believing his team is still undervalued, even with all the money sloshing around the league! If the Lakers went on the open market, analysts are already buzzing they could pull in more than $12.5 billion. Soon-Shiong’s 4% stake would be worth a cool $500 million at that valuation, and it feels like it could even go higher. But honestly, when your personal net worth is north of $15 billion, according to the Bloomberg Billionaires Index, holding onto a $500 million investment that you believe is only going to grow is just smart business. Soon-Shiong, a successful businessman and surgeon known for his innovative cancer research, clearly sees the long game here.
This decision from Patrick Soon-Shiong locks down a key piece of the Lakers’ ownership puzzle. With the team aiming for “championship years,” knowing that this significant minority owner is committed for the long haul, believing the franchise’s value is still climbing, has got to feel good for the future.
This article was created with AI assistance and published under Seattle On Tap’s editorial standards. See our Editorial Policy.
Originally reported by Silver Screen and Roll.
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