NIL
LA Lakers Sold for $10B
The LA Lakers sold for $10 billion in a record-breaking deal, setting a new high for the most expensive sports franchise transaction in U.S. history.
As one of the most storied franchises in professional sports, this moment marks a historic power shift—both financially and culturally.
The buyer is Mark Walter, CEO of Guggenheim Partners and co-owner of the Los Angeles Dodgers. Walter had held a 27% minority stake in the Lakers since 2021 and, on June 18, 2025, exercised his right of first refusal to acquire a controlling interest.
This historic deal marks the end of an era for the Buss family, who purchased the team in 1979 for $67.5 million. Although they will retain a minority stake of approximately 15%, the franchise will now operate under new majority ownership, with Jeanie Buss continuing in her role as team governor.
But beyond the headlines, this moment offers powerful insights into ownership, brand value, and long-term wealth—especially for Black entrepreneurs and investors.
Why the LA Lakers’ $10 Billion Sale Matters
The LA Lakers’ valuation isn’t solely based on athletic performance. It reflects the strength of the brand, global media rights, real estate assets, and cultural relevance.
From $67.5 million to $10 billion in less than 50 years, the franchise exemplifies how holding culturally significant assets can generate exponential returns.
For Black founders, creators, and capital allocators, the message is clear: income builds security, but ownership builds wealth.
The Ongoing Ownership Gap in Pro Sports
Despite making up more than 70 percent of NBA players, there are currently no Black majority owners in the league. Michael Jordan, the only one in league history, sold his controlling stake in the Charlotte Hornets in 2023.
This disparity highlights how power in sports—and across many industries—remains concentrated. The LA Lakers sale underscores just how inaccessible majority ownership remains without intentional coordination and institutional backing.
Five Lessons from the Lakers Deal for Black Entrepreneurs and Investors
1. Brand equity drives valuation
The Lakers are valuable not just because they win, but because their brand has global resonance. Whether you’re building a service business, startup, or media company, brand equity is a strategic asset.
2. Diversify revenue streams
The team generates income through media rights, ticket sales, sponsorships, real estate partnerships, merchandise, and more. Black-owned businesses should adopt similar multi-channel strategies.
3. Legacy over liquidity
The Buss family held the Lakers for nearly five decades. That long-term perspective enabled strategic growth and leverage. Black capital must prioritize legacy-minded strategies over quick exits.
4. Media is a multiplier
The NBA’s next media deal is projected to exceed $75 billion. Visibility, narrative control, and content ownership can significantly influence valuation. Every business should treat storytelling as a core function. At Shoppe Black, we help craft narratives that build authority and drive results.
5. Ownership requires collective capital
Very few individuals can write a $10 billion check—but coalitions can. Syndicated ownership and collaborative investing—especially among Black fund managers, athletes, and institutions—are key to breaking barriers.
What Comes Next
Could a Black-led group acquire a franchise at this level? Yes—but not without long-term planning, access to capital, and strategic coordination.
It will require more investment syndicates, greater visibility for emerging investors, and stronger institutional relationships aligned around a common goal: ownership.
by Tony O. Lawson
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The USA TODAY Sports Men’s Basketball Coaches Poll Top 25 has been refreshed following the eighth week of the season. It was a bit of a light week due to Christmas, but some showdowns still took place amid the holiday celebrations, resulting in some movement throughout the Top 25.
With conference play picking up this coming weekend, we’re getting into the nitty-gritty of the season, where the rankings will fluctuate week-in and week-out. While this past week was packed with tune-up games and not a ton of riveting action, that won’t be the case from now until April.
Regardless, the Coaches Poll Top 25 is certain to see plenty of movement. For now, here’s how things stack up after Week 8. This week’s updated rankings are below.
Michigan enjoyed a full week off and enters the week undefeated at 11–0. The Wolverines return to action with home games against McNeese State on Monday and USC on Friday.
Senior forward Yaxel Lendeborg has been the engine, stuffing the stat sheet with 15.6 points, 7.1 rebounds, and 3.8 assists per game. Michigan will look to stay perfect as conference play looms.
Arizona rolled past Bethune 107–71 last Monday to improve to 12–0 on the season. The Wildcats host South Dakota State before traveling to Utah for a road test on Saturday.
Freshman guard Brayden Burries has emerged as a steady scorer, averaging 14.0 points per game. Arizona’s depth and tempo continue to overwhelm opponents early in the season.
Iowa State remained perfect at 12–0 after an off week. The Cyclones host Houston Christian on Monday and West Virginia on Friday.
Junior forward Milan Momcilovic leads the team at 18.3 points per game. Iowa State’s balance continues to separate it from most of the field.
UConn had the week off and remains one of the nation’s most complete teams at 12–1. The Huskies head to Xavier on Wednesday before hosting Marquette on Sunday.
Junior guard Solo Ball leads the backcourt with 15.4 points per game. This week offers a strong measuring stick against Big East competition.
Purdue stayed idle last week but remains firmly entrenched near the top of the Coaches Poll with an 11–1 record. The Boilermakers face a tricky week with a home matchup against Kent State on Monday before heading to Wisconsin on Saturday.
Senior forward Trey Kaufman-Renn continues to anchor the frontcourt, averaging a double-double at 13.9 points and 10.0 rebounds per game. Purdue’s ability to maintain consistency through a two-game week will be closely watched.
Duke remained idle last week and sits at 11–1 entering a two-game stretch. The Blue Devils host Georgia Tech on Wednesday before traveling to Florida State on Saturday.
Freshman phenom Cameron Boozer has been dominant, averaging 23.2 points and 10.0 rebounds per game. Duke will be tested defensively as ACC play intensifies.
Gonzaga extended its winning streak with a victory over Pepperdine on Sunday and sits at 13–1. The Bulldogs play three times this week, traveling to San Diego before hosting Seattle U and LMU.
Junior forward Braden Huff leads the way with 19.1 points per game. Gonzaga’s depth will be tested during the busy stretch.
Houston enters the week at 11–1 after a quiet stretch. The Cougars host Middle Tennessee State on Monday before heading to Cincinnati on Saturday.
Senior guard Emanuel Sharp continues to pace the offense with 17.9 points per game. Houston’s defensive pressure remains its calling card heading into conference play.
Michigan State enjoyed a week off and sits at 11–1 on the season. The Spartans host Cornell on Monday before traveling to Nebraska on Friday.
Senior forward Jaxon Kohler has been a force inside, averaging 13.9 points and 10.3 rebounds. Michigan State will look to sharpen its execution away from home.
BYU cruised past Eastern Washington 109–81 last Monday to improve to 12–1. The Cougars face a lone test this week with a road trip to Kansas State on Saturday.
Freshman star AJ Dybantsa has lived up to the hype, averaging 23.1 points per game. BYU’s offense remains one of the most explosive in the country.
11. Vanderbilt
12. North Carolina
13-T. Nebraska
13-T. Louisville (+1)
15. Alabama
16. Texas Tech
17. Kansas
18. Arkansas
19. Illinois
20. Tennessee
21. Virginia
22. Florida
23. Iowa
24. Georgia
25. St. John’s
Dropped Out: No. 25 USC
Others Receiving Votes: Kentucky 35; USC 25; Utah State 14; Auburn 7; Saint Louis 6; Clemson 6; Seton Hall 5; Oklahoma State 5; Yale 4; UCLA 4; Saint Mary’s 4; LSU 3; California 2; Villanova 1; Miami (OH) 1; Indiana 1
When Bobby Petrino returned to Arkansas after the 2023 season, his first task was finding a new quarterback.
In this era of college football, that also meant funding a new quarterback. For that, the former head coach leaned on his old friend Frank Fletcher.
The Little Rock-based businessman stepped up and footed a large chunk of the bill for Taylen Green, the talented signal caller Petrino identified to run his offense for the Razorbacks.
It hasn’t only been a transactional relationship, though. Over the last two years, Fletcher has been mindful of Green’s life after sports. Rather than simply handing the star quarterback a boatload of cash, he offered something few college athletes receive: personal relationship and mentorship.
“I had a wonderful two years with Taylen Green,” Fletcher said during Monday’s edition of Morning Mayhem on 103.7 The Buzz. “I was lucky that I happened to back a player that was that nice a kid and [had] great parents. I’ve learned a lot from him. I’m teaching him everything I know, and he wants to learn.”
Fletcher helped Green navigate the financial market by giving the QB1 homework, making him chart a series of stocks over a few months – something that could prove even more important after his subpar finish to the 2025 season likely impacted his pro prospects.
But it wasn’t just financial exercises. Fletcher turned the lessons into on-the-job training – especially when it comes to creative thinking.
After dealing with complicated, 15-page NIL contracts from the university, Fletcher found a way to work around the red tape.
“We had a one-page deal that Taylen’s dad looked at, that we paid him quarterly,” Fletcher said. “He was a direct employee of Fletcher Auto Group, and he advertised for our Honda store in Northwest Arkansas.”
Such arrangements, which align with the original spirit of NIL, allowed boosters to effectively pay student-athletes whatever they deemed the market value of the service provided. That changed with the House settlement that went into effect this summer.
Among other things, it introduced a centralized clearinghouse through which all NIL deals over $600 must be approved. Now, Fletcher can no longer bypass the red tape and unilaterally make deals with players like Green. His contract with the quarterback would still be subject to the “fair market value” requirement, hence why the original agreement ended in April.
The settlement also ushered in a new era of rev-share payrolls alongside NIL agreements that was supposed to cap football roster spending and effectively level the playing field. Boosters of many Power Four programs, however, have found loopholes of their own.
Creative maneuvering remains alive and well.
Peeling Back the Curtain
During his now infamous appearance at the Little Rock Touchdown Club in September, Arkansas athletics director Hunter Yurachek referenced a shady “third lane” in which other schools are operating.
He was confident in how the UA has adapted to the two primary “lanes” — revenue sharing and “legitimate” NIL deals — on the financial front, but the eighth-year AD has long been a vocal opponent of pay-for-play deals that were supposed to be eliminated when the House settlement went into effect over the summer.
Of course, that hasn’t happened.
Despite the revenue sharing “cap” being set at $20.5 million, which is distributed amongst all sports on campus, there have been numerous reports this offseason of new coaches being promised roster “salaries” well over that number — even before factoring out the portion going to men’s and women’s basketball, baseball and other sports.
According to The Advocate, Lane Kiffin will get $25-30 million to build his roster at LSU. After flirting with Arkansas, Alex Golesh will instead have close to $30 million to spend on players at Auburn, according to 247Sports’ Auburn Undercover.
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The above-the-cap difference comes from third-party NIL deals, which must be submitted to NIL Go and approved by the clearinghouse to keep everyone in the good graces of the College Sports Commission.
While people like Frank Fletcher used to do it simply for convenience, schools have been forced to get creative when finding workarounds to navigate Yurachek’s so-called “third lane” — which The Athletic’s Stewart Mandel and Ralph Russo pulled the curtain back on over the weekend.
Their reporting found that some have simply not reported deals, especially since the Power Four schools have yet to agree on enforcement rules, but there are also some seemingly above-board ways to fudge the cap with the help of collectives.
One such way, according to The Athletic, is by paying agents separately. In this scenario, a $100,000 deal negotiated by an agent taking a 10% cut would come out to $90,000 from the school to the player, which counts against the rev-share cap, and $10,000 from the collective to the agent, which doesn’t and also isn’t subject to the clearinghouse.
When collective employees are worried about a large deal being approved by the CSC, they have reportedly been known to verbally agree to a certain amount, only to split it up into smaller deals submitted throughout the year that ultimately equal the agreed upon total.
The Athletic also reported that at least one school’s collective is believed to have paid the entire incoming freshman class to avoid having to count it against the rev-share limit.
It’s worth noting that the UA doesn’t have an active NIL collective at the moment, as it cut ties with the Blueprint Sports-run Arkansas Edge in October. Sources have indicated to Best of Arkansas Sports that the UA has something else in the works, but no such announcements have been made.
Still, like Fletcher and its fellow SEC programs, Arkansas has room to be creative. Yurachek must be willing to navigate that “third lane” or risk the Razorbacks being left in the dust.
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Frank Fletcher talks about his NIL agreement with Taylen Green beginning at the 2:16:55 mark below:
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More coverage of Arkansas football from BoAS…
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College football free agency does not officially kick off until the transfer portal opens on Jan. 2, but planning for the eventful two-week period is well underway. Players are announcing their intentions as coaching staffs prepare a plan of attack. It’s a busy time for every college football program, but the intensity is amplified even more for first-year head coaches, like Kentucky’s Will Stein.
With every coaching change, there is significant roster turnover. You can expect some schools to change more than half of their roster as a coach tells the old players to kick rocks as he brings in new ones from the transfer portal.
Lane Kiffin was called the “Portal King” during his time at Ole Miss. The man has frequent flyer miles in college football free agency. One of his first hires in Baton Rouge was Eric Wolford. The former Kentucky assistant coach did not fix the Wildcats’ high school recruiting woes on the offensive line, but his intense style actually might help Kentucky this offseason.
You have to be a certain type of person to play for Eric Wolford. Not every LSU offensive lineman is gonna sign up for that. Kentucky needs offensive linemen. You know who is well acquainted with those LSU players who need a new home? Joe Sloan.
Kentucky needs five new starters on the offensive line. There are a few reserves from last year’s squad that may be ready to emerge as starters, but the Cats need players in the trenches. Plenty of Joe Sloan’s former LSU players will be available in free agency.
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LSU Offensive Linemen hitting the Transfer Portal
OT Carius Curne — A top 15 overall talent in the 2025 recruiting class who was evaluated as a guard, the Arkansas native started five games as a true freshman, splitting time at both left and right tackle. He showed plenty of potential and will be a hot commodity in the transfer portal. He has three years of eligibility remaining.
OT Tyree Adams — Adams earned a starting role at left tackle ahead of the 2025 season before an injury forced him to undergo season-ending surgery in November. The New Orleans native has two years of eligibility remaining.
IOL Coen Echols — Started the last eight games at left guard and played the third-most snaps on the offense. The former Texas A&M commit will be a true junior with two years of eligibility remaining.
C DJ Chester — LSU’s starting center in 2024 led the team in snaps, but was replaced by a Virginia Tech transfer this fall. He enters the transfer portal with two years of eligibility remaining.
OT Ory Williams — The redshirt freshman earned two starts at left tackle at the end of the season. He appeared in four games total and logged 150 snaps.
The LSU offensive line was far from a juggernaut for Sloan last fall. PFF gave the Tigers the worst run-blocking grade in the SEC after finishing at the bottom of the league in rushing yards per game (104). Even though the unit had plenty of imperfections, there are still players with plenty of upside and SEC experience who could find a second wind by following their old offensive coordinator to Kentucky via the transfer portal.
Texas Tech will begin its first full day in South Florida on Tuesday with a morning practice followed by College Football Playoff quarterfinal media day at Hard Rock Stadium, site of Thursday’s game against Oregon.
No. 4 Texas Tech (12-1, 8-1 Big 12) meets No. 5 Oregon (12-1, 8-1 Big Ten) at noon ET on New Year’s Day. ESPN will televise the game, with Joe Tessitore and Jesse Palmer in the booth and Stormy Buonantony and Katie George on the sidelines.
This will be the first time the programs have met in the Capital One Orange Bowl and the fourth meeting overall dating to 1991. It is also the first College Football Playoff quarterfinal in Orange Bowl history.
– TECH –
This isn’t isolated to mid-tier teams like Iowa State. Even former powerhouses are reeling from portal raids. USC, under Lincoln Riley, hemorrhaged 15 players after a disappointing 2025 season, including backups and starters seeking better NIL opportunities elsewhere. The Trojans’ losses exacerbate roster instability in a program once synonymous with West Coast dominance. Similarly, Florida State shed 25 athletes, UNC lost 15, and over 10 programs nationwide saw 20 or more departures, highlighting how NIL bidding wars amplify turnover at underperforming or underfunded schools. These exits often follow coaching changes or subpar seasons, with athletes prioritizing financial incentives over rebuilding efforts.
The fallout extends beyond regular-season rosters, contributing to a palpable lack of interest in the multitude of bowl games not tied to the College Football Playoff (CFP). With the transfer portal overlapping bowl season and NIL deals luring players away, non-playoff bowls have become exhibitions of depleted teams, rife with opt-outs and makeshift lineups. Players, now professionalized through NIL earnings, increasingly skip these games to avoid injury risks ahead of the NFL draft or to chase better opportunities via the portal, rendering many matchups unwatchable and irrelevant. This year alone, several 5-7 teams declined bowl invitations outright, including Iowa State and Notre Dame that also had a 10-2 winning record in 2025, signaling diminished prestige, while opt-outs have turned storied bowls into shadow versions of themselves. Viewership for non-playoff bowls remains robust in aggregate—Disney’s 33 such games averaged 2.7 million viewers last season, up from prior years—but fan sentiment and expert analysis point to growing apathy, with complaints that NIL and the portal have “demolished bowl season” by eroding competitive integrity. As one observer noted, these games hold “no interest” for teams anymore, fueling calls for reforms like paying players to participate or shifting the portal window post-bowls.
As the 2025 calendar winds down, the NCAA’s revamped transfer portal is poised to swing open on January 2, 2026, ushering in a condensed 15-day frenzy that closes on January 16, 2026, for most football programs. This single-window structure, a shift from previous dual periods to curb ongoing tampering and streamline chaos, includes extensions: Players from teams in the College Football Playoff national championship (set for January 19, 2026) get an extra five days from January 20-24, while coaching changes trigger separate 15-day windows starting five days after a new hire. Amid NIL’s financial allure, this upcoming portal period could accelerate roster volatility, with programs like Iowa State still reeling from pre-window announcements and others bracing for bidding wars.
Yet, in Texas—the epicenter of NIL spending—some programs thrive amid the chaos, leveraging deep-pocketed boosters to build fortresses against portal losses. The University of Texas (UT) boasts the nation’s top football NIL budget at $35-40 million for 2025, enabling net gains like edge rusher Colin Simmons from LSU and wideout Isaiah Bond from Alabama while minimizing outflows. Texas A&M follows closely with $51.4 million in total NIL revenue (football-dominant), adding 12 transfers like quarterback Marcel Reed despite some exits tied to NIL dissatisfaction. Texas Tech, spending nearly $30 million, turned the portal into a weapon with 15 additions, including quarterback Brendan Sorsby on a rumored $4 million deal, fueling a playoff push. SMU, raising $65 million for all sports via its Mustang Club, focused on retention bonuses to limit departures to just five, adding talents like edge Braden Carter and earning ACC buzz.
Contrast this with in-state rivals Baylor, TCU, and the University of Houston, where modest NIL resources expose vulnerabilities. Baylor ramped up to $15 million in NIL spending, adding 24 transfers to flip its roster, but still suffered heavy losses post-2025, prompting coach Dave Aranda to fight for key retentions like four critical players amid portal risks. TCU, also allocating around $15 million to football under Big 12 revenue sharing, balanced gains (e.g., experienced quarterbacks) with lumps from departures, reflecting the portal’s double-edged sword in a new era of $20.5 million caps. Houston, with unspecified but lower NIL figures, bolstered its roster with 15 transfers and 30 overall additions, yet faces ongoing portal needs after a 4-8 season, lacking the financial firepower to consistently outbid elites.
This Texas divide underscores NIL’s inequality: Wealthy programs like UT and A&M buy stability and stars, while others like Baylor and TCU scramble to plug holes, often becoming feeder systems. As the transfer portal window in 2026 looms, college football’s soul hangs in the balance and talk of reform is already in the air.
For over a decade, Dave Clawson built Wake Forest into one of the steadiest football programs in the Atlantic Coast Conference, crafting a developmental model that produced seven consecutive bowl appearances.
Clawson’s approach to making the Demon Deacons a fixture in North Carolina’s college football landscape was deliberate: recruit under-the-radar prospects, develop them patiently for two or three seasons, then rely on experienced upperclassmen to carry the program.
As the transfer portal and NIL opportunities reshaped college football, that model became harder to sustain. After back-to-back 4-8 seasons, Clawson resigned, citing a rapidly changing landscape and acknowledging he could no longer give the job everything it required.
Wake Forest suddenly faced a reset as a coaching change, roster turnover and evolving expectations left the program searching for direction. When Jake Dickert, former coach at Washington State, arrived in Winston-Salem ahead of the 2025 season, optimism was cautious at best.
What followed was one of the ACC’s most striking turnarounds.
In his first season, Dickert — the North State Journal’s 2025 Coach of the Year — restored stability and belief, guiding Wake to an 8-4 record and a return to bowl eligibility.
Capping off Dickert’s debut season, the Demon Deacons (8-4) will face SEC representative Mississippi State Bulldogs (5-7) in the Duke’s Mayo Bowl on Jan. 2 at Bank of America Stadium in Charlotte.
In their 2025 campaign, the Deacs tied for the most victories among all FBS programs in the Carolinas, underscoring the program’s rapid rebound. Wake Forest defeated two teams ranked at the time, including a road victory at Virginia (the Cavaliers’ only home loss of the season) and a home win that snapped SMU’s 20-game regular-season conference winning streak.
After back-to-back losses in September, Wake responded by winning six of seven games before closing the regular season with a loss at Duke; the Deacs finished 4-4 in ACC play.
On the field, Dickert leaned on a blend of experience and toughness. Graduate transfer quarterback Robby Ashford brought leadership to an offense that had struggled for consistency in recent seasons, while senior running back Demond Claiborne anchored the ground game and emerged as a physical focal point in key moments.
Defense again proved to be the program’s backbone. The Demon Deacons ranked sixth in the ACC and 38th nationally in scoring defense, finished top five in the league in total and passing defense, and did not allow a touchdown against either Virginia or North Carolina.
Dickert’s impact extended well beyond Saturdays.
Before the season, he overhauled Wake Forest’s recruiting and scouting infrastructure, assembling a 10-person staff dedicated to identifying talent and building depth in a new era of college football. The early returns have been promising.
During the recent National Signing Day, Wake Forest announced a 30-player 2026 recruiting class — the highest-ranked in program history — currently inside the national top 50. The class includes one four-star and 29 three-star recruits, signaling a shift toward broader talent acquisition and immediate competitiveness.
Dickert’s efforts were rewarded following the regular season. On Dec. 2, Wake Forest Vice President and Athletics Director John Currie announced that Dickert had signed a long-term contract extension.
“Jake Dickert has proven himself to be one of college football’s rising head coaches and one of the truly special leaders in the ACC,” Currie said. “He has galvanized our locker room, our campus, and our community. Coach Dickert is exactly the type of leader who inspires players, and he and his family fit seamlessly into the Wake Forest and Winston-Salem community.”
Dickert echoed that sentiment, pointing to long-term investment as central to Wake Forest’s direction.
“Our family could not be more grateful to call Wake Forest and Winston-Salem home,” he said. “Over the last 11-plus months, our staff and student-athletes have embraced a new process of being ‘Built in the Dark.’ When John approached me a few weeks ago about the university’s desire to further invest in our program, I was both humbled and energized.”
“This commitment ensures that our staff has the stability, resources and support necessary to continue elevating Wake Forest football,” Dickert added. “I’m proud of this team, our staff and our seniors who built the foundation for this new era, and excited for what’s ahead. There has never been a better time to be a Demon Deacon.”
While roster turnover remains a reality, Wake Forest’s trajectory is still heading upward. With a retooled staff, a revamped recruiting approach and renewed confidence throughout the program, Dickert has revived the Demon Deacons and positioned them for sustained relevance for years to come.
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