The Buss family will sell the Lakers for $10 billion, according to ESPN
The Buss family is ending an era for one of the NBA’s most powerful owners by agreeing to sell the majority of the Los Angeles Lakers, ESPN reported on Wednesday.
According to a report by ESPN, the Lakers are valued at $10 billion, making this the largest-ever sale of a professional sports team. The agreement calls for Mark Walter, the CEO and chairman of holding company TWG Global, to assume controlling ownership.
The Boston Celtics were the most recent NBA team to sell, finalizing a $6.05 billion deal with an investment group headed by Bill Chisholm in March. At the time, this was a league record.
A well-known figure in Los Angeles sports, Walter has stock in the WNBA team Los Angeles Sparks and MLB team Los Angeles Dodgers.
An inquiry was not immediately answered by the Lakers.
In 1979, the Lakers were acquired by the late Jerry Buss, who transformed the team into one of the most well-liked teams in professional sports. During their now-famous “Showtime” heyday in the 1980s, they won five titles.
Following his death in 2013, his daughter Jeanie Buss became the major owner and one of the most influential women in sports.
After the sale, Jeanie Buss will remain governor, the ESPN story said.
Lakers Hall of Fame point guard Earvin “Magic” Johnson, who was a member of the team during the Buss family’s time as a player, coach, and executive, congratulated the parties on the agreement.
“Laker fans ought to be overjoyed. In a post on X, Johnson, who shares ownership of the Dodgers with Walter, stated, “Mr. Mark is driven by winning, excellence, and doing everything the right way.”
He is going to invest the resources necessary to succeed! Since they are so similar, I can see why Jeanie sold the team to Mark Walter.
“My sister Jeanie Buss did a fantastic job negotiating a great contract and selecting the ideal candidate to continue the Lakers’ winning heritage. The greatest option and the most qualified person to look after the Laker brand is Mark Walter.
