Los Angeles Lakers Set for Record-Breaking Ownership Sale

In what is set to become the most expensive transaction in U.S. sports history, the Los Angeles Lakers are preparing to sell a majority stake in the franchise. A source close to the deal says that billionaire Mark Walter, CEO of TWG Global, is the buyer.

The Buss family, who have owned the Lakers since 1979, are finalizing an agreement that reportedly values the NBA powerhouse at approximately $10 billion (£7.45bn), a figure that may increase once the sale is officially completed.

Los Angeles Lakers Set for Record-Breaking Ownership Sale
Los Angeles Lakers Set for Record-Breaking Ownership Sale

Walter, who already holds a 20% share in the Lakers from a 2021 deal, is set to acquire a significantly larger stake. He is also the principal owner of Major League Baseball’s Los Angeles Dodgers and has investments in other sports entities, including Chelsea FC and the Cadillac F1 team slated to debut in 2026.

A spokesperson from Walter’s company confirmed ongoing discussions with the Lakers. “Mark Walter is entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers,” they stated.

This transaction comes on the heels of other record-setting sports sales, including the $6.1 billion purchase of the Boston Celtics earlier this year and the $6.05 billion sale of the Washington Commanders in 2023. The Lakers deal will surpass those by a wide margin.

Dr. Jerry Buss originally bought the Lakers in 1979 for $67.5 million a package deal that also included the LA Kings hockey team and the arena now known as the Kia Forum. Since then, the Lakers have become one of the most decorated teams in NBA history, capturing 11 championships under the Buss family’s ownership.

Leadership of the team passed to Dr. Buss’s six children following his death in 2013. They currently hold a combined 66% ownership stake, with Jeanie Buss acting as the team’s governor a role she is expected to retain under the new agreement.

Lakers icon Magic Johnson voiced strong support for the move. In a series of social media posts, he praised Jeanie Buss and Mark Walter, expressing confidence in the franchise’s future. “Mark has already proven he can build a championship team with the Dodgers,” Johnson said. “Lakers fans have a lot to be excited about.”

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