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# Sold (for) vs. Valued (at)
- URL: https://pulpconversations.com/sold-for-vs-valued-at/
- Published: 2025-06-19T00:19:38.000Z
- Updated: 2026-08-27T15:00:07.000Z
- Description: Paper Boy is not part of Cash Money ...
- Author: Vinay Gupta
- Tags: Newsletter, #Migrated-1787171093388, #Import 2026-08-19 16:25

Big news today as the L.A. Lakers “sold” for $10 Billion - making them the most valuable organization in sports - ever.

![](https://storage.ghost.io/c/67/42/67423e8e-d1c5-4288-976a-2d7a9b94e567/content/images/2026/08/469b83fc-55bb-4af5-8850-ac4881876907_384x480.gif)

So if you are like me; I read that headline and initially read it as $10B was exchanged between two or more parties for the team.

But in actuality the Lakers were sold at a $10B (paper) valuation.

The team was last valued (per a transaction) in 2021 at $7B - meaning that today’s deal transpired at a valuation $3B higher.

## So that means the Sellers made $3B, right?

Nope.

![](https://storage.ghost.io/c/67/42/67423e8e-d1c5-4288-976a-2d7a9b94e567/content/images/2026/08/090584c3-06ca-48a7-92e5-f033a8e13600_480x480.gif)

## We are dealing with “Venture Math”:

Prior to this deal the Buss Family Trust owned 66% of the Lakers. After the deal their shareholding falls to 15%.

66% - 15% = 51%

and …

10B - 7B = 3B

## So that means the Buss family received 3B in exchange for selling 51% of their shares, right?

Nope.

![](https://storage.ghost.io/c/67/42/67423e8e-d1c5-4288-976a-2d7a9b94e567/content/images/2026/08/acdb7ea4-6a47-420d-87fe-4fd8f7953c1d_290x172.gif)

## We are dealing with “Venture Math”, remember?

51% x 10B = 5.1B

5.1B is indicative of the value received by the Sellers aka The Buss Family Trust.

Their new “papered” shareholding is:

15% x 10B = 1.5B

The gap between the cash money less “post-money paper value” is:

5.1B - 1.5B = 3.6B

## So …

The sellers took 3.6B cash off the table.

![](https://storage.ghost.io/c/67/42/67423e8e-d1c5-4288-976a-2d7a9b94e567/content/images/2026/08/c5434751-dade-4046-b38a-264017293710_480x480.gif)