The majority stake in the iconic Los Angeles Lakers basketball franchise is being sold to TWG Global CEO Mark Walter in a deal reportedly valued at an estimated $10 billion (£7.45bn), which would mark the most expensive sale of a US sports team in history.
The Lakers have been owned by the Buss family since 1979, who hold a 66% stake through a family trust. The deal is expected to surpass the previous record sales of the Boston Celtics ($6.1 billion in March) and the Washington Commanders ($6.05 billion in 2023) by about $4 billion.
Key Details of the Sale:
- Buyer: Mark Walter, a billionaire financier who has been a stakeholder in the Lakers since 2021 with a 20% stake.
- Terms: Discussions are ongoing, but Jeanie Buss, who has served as the Lakers’ governor since 2013, is expected to retain her position. The family trust requires a majority agreement among the six Buss children for the sale.
- Walter’s Sports Portfolio: Mr. Walter also holds a controlling stake in the Los Angeles Dodgers baseball team, which won the World Series last year, and has investments in Chelsea Football Club and the Cadillac Formula 1 Team.
Lakers Under Buss Ownership (1979–Present):
Jerry Buss originally bought the team in 1979 for $67.5 million. Since then, the Lakers have won more championship titles than any other NBA team, appearing in the NBA Finals 17 times and winning the championship 11 times. The current team is led by superstar LeBron James.
Reaction:
Lakers legend Magic Johnson praised the sale, stating that fans should be “ecstatic.” He congratulated Jeanie Buss and expressed confidence that Mark Walter would “do right by the Lakers team, organization, and fans,” citing his success with the Dodgers.
