LA Lakers owner sells majority stake in record sports deal
New York | The family that owns the Los Angeles Lakers is closing in on a deal to sell its majority stake in the National Basketball Association team to Guggenheim Partners chief executive Mark Walter at a valuation of about $US10 billion ($15.4 billion), which would be the largest-ever sale of a sports team.
The sale would mark the end of an era at one of the sporting world's most fabled brands, which the Buss family, who originally made their money in real estate, has owned since 1979. Jeanie Buss, the Lakers' controlling owner, would continue to control the team as its governor after the deal closes, said a person close to the matter.
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News.com.au
2 days ago
- News.com.au
Buss family sells LA Lakers for $10 billion after acquiring team for $67 million
The NBA's Los Angeles Lakers are changing hands — for a sky-high price tag. The Buss family is entering an agreement to sell its majority stake in the Lakers for approximately $10 billion to businessman Mark Walter, ESPN's Shams Charania reported Wednesday. It marks the largest sale ever of a US pro sports franchise. Walter, who is also the primary owner of Major League Baseball's LA Dodgers, is the CEO of TWG Global, a multinational conglomerate holding company. Walter also has interests in several other professional sports teams and enterprises — including the Los Angeles Sparks, Chelsea FC, the Billie Jean King Cup, the Cadillac Formula 1 team and the Professional Women's Hockey League. Jeanie Buss will remain in her position as the franchise's governor after the sale, Charania noted. The Buss family has seen the value of the Lakers skyrocket since Jerry Buss acquired the franchise for $67.5 million in 1979, and now gets to reap the benefits of that purchase 46 years later. When Jerry died in 2013, his ownership stake in the franchise transferred to his six children, with Jeanie assuming the role as the team's governor. The deal comes after two other highly valued NBA franchises recently sold: the Mavericks and Celtics. Longtime owner Mark Cuban sold his majority stake in the Mavs in late 2023 to the Adelson family for $3.5 billion, though he retained approximately 27 per cent in the team. In March 2025, Wyc Grousbeck sold his controlling stake in the Celtics to William Chisholm for $6.1 billion. Walter has been one of the most willing spenders in MLB with the Dodgers, who have the second-highest payroll in baseball at $321.3 million. Lakers legend and former part-owner Magic Johnson chimed in, posting on X: 'Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the @Lakers legacy and tradition of winning. 'Mark Walter, my business partner and friend! Mark Walter is the best choice and will be the best caretaker of the Laker brand. The proof is in the pudding on what he's been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner notching 2 World Series and 11 NL West divisional titles in the last 12 years!'
AU Financial Review
3 days ago
- AU Financial Review
LA Lakers owner sells majority stake in record sports deal
New York | The family that owns the Los Angeles Lakers is closing in on a deal to sell its majority stake in the National Basketball Association team to Guggenheim Partners chief executive Mark Walter at a valuation of about $US10 billion ($15.4 billion), which would be the largest-ever sale of a sports team. The sale would mark the end of an era at one of the sporting world's most fabled brands, which the Buss family, who originally made their money in real estate, has owned since 1979. Jeanie Buss, the Lakers' controlling owner, would continue to control the team as its governor after the deal closes, said a person close to the matter.
News.com.au
3 days ago
- News.com.au
Lakers to be sold in record-breaking $10 billion deal: ESPN
The Los Angeles Lakers are being sold in a record-breaking $10 billion deal that makes the iconic franchise the highest-valued sports team in US history, ESPN reported Wednesday. The report said the Lakers owners, the Buss family, would sell their controlling interest in the team to billionaire Mark Walter, who already owns a stake in the franchise. While Jeanie Buss would continue as Lakers governor, the deal ends the Buss family's 47-year reign over the NBA giants. Walter is the chief executive of holding company TWG Global which has built an impressive portfolio of professional sports teams, including the Los Angeles Dodgers and Los Angeles Sparks. TWG also owns the Billie Jean King Cup tennis tournament and the Cadillac Formula One team. While further specifics of the deal were not disclosed, Lakers legend Magic Johnson -- a business partner of Walter -- was among the first to react to news of the agreement. "Laker fans should be ecstatic," Johnson wrote on X. "A few things I can tell you about Mark - he is driven by winning, excellence, and doing everything the right way. And he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike." Johnson cited Walter's ownership of the Los Angeles Dodgers baseball team as a reason for optimism. The Dodgers have won the World Series twice since Walter's ownership group took the club over. "Mark is the best choice and will be the best caretaker of the Laker brand," Johnson wrote. "The proof is in the pudding on what he's been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner." The end of the Buss family's control of the Lakers marks the end of an era in the NBA. The team were bought by charismatic tycoon Jerry Buss in 1979, who quickly helped turn the franchise into a sporting powerhouse as well as a globally recognised brand. The Buss era brought the Lakers 11 NBA championships -- more than any other team over the same period -- and encompassed golden ages which included the "Showtime" Lakers of Magic Johnson as well as a hat-trick of championships between 2000-2002 when the team was spearheaded by Kobe Bryant. Walter has been a minority owner of the Lakers since 2021 when he bought a share of the team in a deal which also gave him first refusal to buy the club should the Buss family ever decide to sell. The sale of the club smashes the previous highest figure paid for a US sports team, the $6.1 billion paid for the Boston Celtics earlier this year. That Celtics sale eclipsed the $6.05 billion that Josh Harris paid for the Washington Commanders in 2023.
