Buss family statement: Lakers not for sale

LOS ANGELES -- Since Los Angeles Lakers owner Dr. Jerry Buss bought the team in 1979, the Lakers franchise has become one of the most recognizable and successful brand names in all of sports, winning 10 NBA championships and gaining worldwide popularity.

Buss, 78, wants the Lakers and all of the purple-and-gold tradition to stay his family’s business long after he’s gone -- despite speculation to the contrary.

The Buss family and Lakers organization issued a joint statement to ESPNLosAngeles.com on Friday before the team played the Utah Jazz, in response to a recent story in the Orange County Register that floated the idea the team could be up for sale.

"We unanimously agree that we have no intention of ever selling the Lakers and intend to keep ownership of the team in our family for generations to come,” said the statement.

Dr. Buss has six children, including two who currently hold influential roles within the organization. His son, Jim Buss, is the Lakers' executive vice president of player personnel and his daughter, Jeanie Buss, is the team's executive vice president of business operations.

The Lakers were recently listed by Forbes Magazine as the second-most-valuable team in the NBA at $1 billion, trailing only the New York Knicks.