The $10bn LA Lakers sale proves sports have outgrown even most billionaires

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The sale of the Los Angeles Lakers is many things.First of all, it is a record.The glitziest team in basketball is changing hands at a valuation of $10bn, the biggest ever for a sports franchise.Second, it is probably an excellent deal for the buyer, even at that astonishing valuation.And third, the shift in majority ownership from the Buss family to an investment group led by Los Angeles Dodgers owner Mark Walter, is something else: inevitable.

Sports teams are an eye-watering asset class.Not only does owning one confer countless perks and the kind of societal status that most money can’t even buy, but team valuations in the major North American sports have been on a steep upslope for decades.The sale of the Lakers represents a new peak and is also the latest data point that illustrates a new fact about sports ownership.The best properties have become too valuable an asset class for people like Jeanie Buss to control them.Buss’ father, Jerry, bought the team in 1979, and the Lakers have since then operated like one of the world’s largest family businesses.

The Lakers are by far the biggest source of the Buss family’s wealth, and as ESPN reported on Thursday, the team has traditionally used its own revenues to pay its expenses.Its golden goose is an enormous local television deal with the LA cable provider Spectrum.The cable bundle is dying, however, and these days the biggest sports teams are increasingly owned not by wealthy individuals and families but by consortiums of deep-pocketed investors and institutions.The Lakers had already moved in this direction; the Buss family sold a quarter stake in the team to a group led by Walter in 2021.That same group – with Walter as the frontman, but by no means doing it alone – took control of the Dodgers in 2012 and later bought control of the WNBA’s Los Angeles Sparks.

Blue-chip sports properties like the Lakers are now too big for even most billionaires to just reach into their pocket and buy all alone.For that reason, leagues have gradually made it much easier for institutional investors to buy stakes in teams.(The NFL, with limits, has swung open the door to private equity.) The corollary to that trend is that when a longtime owner like Jeanie Buss has buyers lined up with enough liquidity to secure her family fortune in cash, rather than ownership of a team, she’s likely to jump at it.The Lakers’ new owners are likely to do very well on their investment.

The decline of cable is a major threat to professional sports teams, and some smaller-market clubs in the NBA, NHL and Major League Baseball have taken substantial cash flow hits as regional carriers have faded.But the Lakers are so entwined with one of the world’s largest cities that to bet against their continued growth is to bet against the future popularity of basketball, the city of Los Angeles and live entertainment altogether.Angelenos will not stop buying Lakers tickets and, even more critically, will not stop happily paying to watch 82 games per year, whether they’re doing that on a streamer or traditional TV.The Lakers are too big to fail, and some time down the line, someone will value them at well more than $10bn.The sale will probably be good for Lakers fans, though they are not the priority in any transaction of this type.

Walter’s group has done wonders with the Dodgers, seizing on the franchise’s natural advantages – a rabid fanbase and a location players want to play in – and turned the team into the most consistent winner in baseball.It is harder to flex a financial advantage in the NBA than in salary cap-less MLB, but Walter’s Dodgers have become the team with the best reputation among ballplayers.Not that the Lakers have a hard time attracting stars, but one could imagine them attracting even more of the players they covet.At the end of the day, isn’t that kind of product what fans want to see?While this will all likely go fine for the Lakers, the shift in ownership models does raise questions about what will become of sports teams that don’t defy gravity by their very existence.Plenty of individual club owners have been massive flops who have earned the endless scorn of their clubs’ fans.

But the fact of having one highly visible, specific owner has at least rendered a version of accountability.After all, it’s easier for Manchester United fans to chant “Glazers out!” than it would be to chant “shadowy consortium of institutional investors out!” A move toward large groups of investors controlling iconic teams will make it easier for individual actors to milk them for cash without facing the kind of public shaming that has long been possible for teams with more identifiable villains in the owner’s suite.The Lakers are big enough and successful enough that this dynamic might never come to a head.Most teams can’t say the same.
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Maunika Gowardhan’s recipes for Indian pea curries

The sweetness of fresh green peas works so well with Indian curries and spices, and June is the month to make the most of them, because they’re now at their peak. Even the empty pods have so much flavour and sweetness, which makes them perfect for a quick salad on the side (toss thinly sliced raw, blanched or even griddled pods with chopped tomato, sliced onion and coriander, drizzle over some fresh mint raita and sprinkle with chaat masala). Blanch the fresh peas without any seasoning before you make the curry, then add them to the simmering gravy near the end. You can swap them for frozen peas, too, if you like.AKA Maharashtrian ambat vatana rassa, this is a family recipe from our home in Mumbai

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Australian supermarket tahini taste test: one of the worst is ‘thick enough to build a sandcastle’

From bitter and gritty to one that pours ‘like warm honey’, Nicholas Jordan finds surprising variety in 18 jars of paste made with the same single ingredientGet our weekend culture and lifestyle emailIf you value our independent journalism, we hope you’ll consider supporting us todayThis morning I made myself a tahini latte. The morning before, I mixed tahini with yoghurt and powdered ginger and poured it over my muesli. I use tahini in salad dressings, in sauces for spicy noodles, I’ve even put it in pesto. But until a few weeks ago, I only had the most vague idea of which tahini I liked or not (I just knew to avoid any brands in the health aisle) and I suspect I’m not the only picnic-attending hummus-maker that needs an education.I gathered 18 supermarket aisle tahinis and four reviewers (including Syrian Australian author and chef Sharon Salloum, and Tuli Keidar, a friend who came close to dedicating their life to hummus before joining the coffee industry) for a blind taste test

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The secret to crisp tofu | Kitchen aide

I want to like tofu, but I don’t because of its rubbery texture. How do I make it nice and crisp? Anne, by email “Moisture is the enemy of crisp tofu,” says Emma Chung, author of Easy Chinese Food Anyone Can Make, so the quest for cubes of bean curd that are crisp on the outside and soft on the inside starts by getting rid of as much excess water as possible (and choosing a tofu labelled “firm” or “extra-firm” in the first place). “I usually do this by wrapping the tofu in tea towels, placing it between two large plates and putting a heavy pot or pan on top,” Chung says. After 10 minutes, you “should have a nice and firm tofu that will have a lovely texture, and it will be a lot easier to crisp up”.Guardian columnist Ravinder Bhogal, meanwhile, pops her tofu on a wire rack set over a tray and covers it with kitchen paper or a clean cloth: “Put a weight on top and leave it for a couple of hours, and ideally overnight – that will squeeze out the excess moisture

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José Pizarro’s recipe for broad bean and mint tortilla with a manchego crust

In Spain we say, “Habas en abril empiezan y en abril se acaban” – that is, broad beans begin in April and end in April. In the UK, the season starts a bit later, around June, so we’ve got a bit more time yet to enjoy them. Still, the season is short, so I use these wonderful beans as much as I can, while I can. This is the kind of dish I’d make on a quiet afternoon: simple, full of flavour, nothing fancy. Just a nice way to enjoy what the season gives you, before it disappears again for another year

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Rukmini Iyer’s quick and easy recipe for tandoori chicken skewers with coriander chutney | Quick and easy

I’ve been on a quest for the perfect tandoori marinade (without the E numbers or red food colouring) for years, and tweak my recipe on every repeat. This one is easily my favourite so far: the cloves lend a wonderful smokiness, and if you can pop the chicken in the marinade in the morning, it will have taken on an amazing depth of flavour by the evening. This would work just as well on a barbecue – just scale up the amount of chicken and the marinade ingredients as needed.You will need four large metal or bamboo skewers (if using the latter, soak them in water for half an hour first). Serve with flatbreads or naan, and shredded lettuce, if you wish

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Pastry perfection: Anna Higham’s recipes for chicken and herb pie and foldover pissaladière

Warmer weather always has me dreaming of elaborate picnics, just like the ones my mum used to take us on as kids. She made superlative chicken pies, and I always think of them at this time of year. Mum would use shop-bought pastry, but here I’ve made a herby rough puff to up the summery feeling. The onion and anchovy turnovers, meanwhile, are the perfect pocket savouries to keep you going on a long walk or day out. You could always make one batch of pastry and halve the amount of both fillings, so you can have some of each