Latest news with #EnglishPremierLeague
The Star
an hour ago
- Business
- The Star
Explainer-NBA-Breaking down the Buss family's sale of LA Lakers at $10-billion valuation
Jeanie Buss, President of the Los Angeles Lakers speaks during the permanent placement of late Kobe Bryant's handprints and footprints in the forecourt of the TCL Chinese Theatre in Hollywood, Los Angeles, California, U.S., March 15, 2023. REUTERS/Mike Blake/File Photo (Reuters) -The Buss family, architects of 11 NBA championships, is poised to relinquish their four-decade reign over the LA Lakers, with ESPN reporting they are entering an agreement to sell a majority stake in basketball's most glamorous franchise. The following is the breakdown of the deal: WHAT IS AT STAKE? Lakers minority owner Mark Walter is set to take majority ownership in a deal valuing the Lakers at about $10 billion, making it the most expensive U.S. sports team valuation in history. The deal will end family control of the Lakers. The Buss family will retain a minority share of just over 15% for a period of time after the deal, ESPN reported, bringing to a close its stewardship of a franchise that became synonymous with Hollywood allure and championship excellence. Reuters could not immediately ascertain what Walter's new stake in the team would be. He purchased a minority stake in the Lakers with Todd Boehly in 2021. The previous record for biggest sports deal was held by the Boston Celtics, who agreed in March to be sold for $6.1 billion. WHO ARE THE LAKERS? The Lakers are one of the most storied franchises in National Basketball Association history. The team was valued at $7.1 billion by Forbes last year, behind only the Golden State Warriors and New York Knicks in the NBA. They are the second-most successful NBA team with 17 championships. The Celtics have 18. Jerry Buss, who bought the Lakers for $67.5 million in 1979, transformed them into one of the most well-known franchises in professional sports. The team won five championships during the celebrated "Showtime" era of the 1980s. The Lakers have LeBron James, arguably the league's biggest star, on their roster. They also snapped up Slovenian Luka Doncic in a high-profile trade with the Dallas Mavericks in February. WHO IS MARK WALTER? Walter is a 65-year-old American billionaire businessman who is CEO and chairman of holding company TWG Global. He is also CEO of investment firm Guggenheim Partners. Walter, whose net worth is listed as $6.1 billion by Forbes, has owned the LA Dodgers baseball team since 2012. He is adding the Lakers to a sporting portfolio that includes stakes in the Cadillac Formula One team, the WNBA's Los Angeles Sparks and English Premier League soccer club Chelsea. WHO ARE THE BUSS FAMILY? Jerry Buss's 66% stake in the Lakers was passed on to his six children via a family trust after his death in 2013. Buss died at the age of 80 due to kidney failure. His daughter, Jeanie, took over as principal owner after his death and is set to continue as team governor, maintaining a family connection to the purple-and-gold empire her father built. WHICH ARE SOME OTHER NOTABLE SPORTS DEALS? The Celtics set the previous benchmark in NBA sale valuations after agreeing to a $6.1-billion sale to a group headed by private equity firm Symphony Technology Group co-founder William Chisholm in March. The NFL's Washington Commanders sold for $6.05 billion in July 2023, in a deal that, at the time, was the biggest for a North American sports franchise. Also in 2023, British billionaire Jim Ratcliffe finalised a deal to acquire a minority stake in Manchester United that valued the English soccer club at $6.3 billion. In 2022, former owner Roman Abramovich sold English soccer club Chelsea to a consortium led by Boehly that included Walter, for about $3.2 billion. WHEN IS THE LEAGUE EXPECTED TO APPROVE AND FINALISE THE LAKERS SALE? Final approval of the sale could take several months. The Celtics' sale has yet to receive final approval from the NBA Board of Governors. The Board is scheduled to meet in July in Las Vegas, though that session is expected to focus primarily on potential league expansion plans. (Reporting by Pearl Josephine Nazare in Bengaluru;Editing by Rod Nickel)
Hindustan Times
an hour ago
- Business
- Hindustan Times
NBA-Breaking down the Buss family's sale of LA Lakers at $10-billion valuation
June 19 - The Buss family, architects of 11 NBA championships, is poised to relinquish their four-decade reign over the LA Lakers, with ESPN reporting they are entering an agreement to sell a majority stake in basketball's most glamorous franchise. The following is the breakdown of the deal: WHAT IS AT STAKE? Lakers minority owner Mark Walter is set to take majority ownership in a deal valuing the Lakers at about $10 billion, making it the most expensive U.S. sports team valuation in history. The deal will end family control of the Lakers. The Buss family will retain a minority share of just over 15% for a period of time after the deal, ESPN reported, bringing to a close its stewardship of a franchise that became synonymous with Hollywood allure and championship excellence. Reuters could not immediately ascertain what Walter's new stake in the team would be. He purchased a minority stake in the Lakers with Todd Boehly in 2021. The previous record for biggest sports deal was held by the Boston Celtics, who agreed in March to be sold for $6.1 billion. WHO ARE THE LAKERS? The Lakers are one of the most storied franchises in National Basketball Association history. The team was valued at $7.1 billion by Forbes last year, behind only the Golden State Warriors and New York Knicks in the NBA. They are the second-most successful NBA team with 17 championships. The Celtics have 18. Jerry Buss, who bought the Lakers for $67.5 million in 1979, transformed them into one of the most well-known franchises in professional sports. The team won five championships during the celebrated "Showtime" era of the 1980s. The Lakers have LeBron James, arguably the league's biggest star, on their roster. They also snapped up Slovenian Luka Doncic in a high-profile trade with the Dallas Mavericks in February. WHO IS MARK WALTER? Walter is a 65-year-old American billionaire businessman who is CEO and chairman of holding company TWG Global. He is also CEO of investment firm Guggenheim Partners. Walter, whose net worth is listed as $6.1 billion by Forbes, has owned the LA Dodgers baseball team since 2012. He is adding the Lakers to a sporting portfolio that includes stakes in the Cadillac Formula One team, the WNBA's Los Angeles Sparks and English Premier League soccer club Chelsea. WHO ARE THE BUSS FAMILY? Jerry Buss's 66% stake in the Lakers was passed on to his six children via a family trust after his death in 2013. Buss died at the age of 80 due to kidney failure. His daughter, Jeanie, took over as principal owner after his death and is set to continue as team governor, maintaining a family connection to the purple-and-gold empire her father built. WHICH ARE SOME OTHER NOTABLE SPORTS DEALS? The Celtics set the previous benchmark in NBA sale valuations after agreeing to a $6.1-billion sale to a group headed by private equity firm Symphony Technology Group co-founder William Chisholm in March. The NFL's Washington Commanders sold for $6.05 billion in July 2023, in a deal that, at the time, was the biggest for a North American sports franchise. Also in 2023, British billionaire Jim Ratcliffe finalised a deal to acquire a minority stake in Manchester United that valued the English soccer club at $6.3 billion. In 2022, former owner Roman Abramovich sold English soccer club Chelsea to a consortium led by Boehly that included Walter, for about $3.2 billion. WHEN IS THE LEAGUE EXPECTED TO PROVE AND FINALISE THE LAKERS SALE? Final approval of the sale could take several months. The Celtics' sale has yet to receive final approval from the NBA Board of Governors. The Board is scheduled to meet in July in Las Vegas, though that session is expected to focus primarily on potential league expansion plans.
The Advertiser
2 hours ago
- Sport
- The Advertiser
Youngest soccer boss in 86 years takes reins in Italy
Spaniard Carlos Cuesta has become the youngest coach in Serie A in nearly a century after being hired by Parma. It is the 29-year-old Cuesta's first role as a head coach after spending the past five years as an assistant at English Premier League club Arsenal. Parma announced on Thursday that Cuesta had signed a two-year contract with the option of a third year. Cuesta has experience in Italy, having been an assistant coach with the under-17 team at Juventus for two years. He also worked with Atletico Madrid's youth teams prior to that. Cuesta, a Mallorca native, is the second-youngest coach ever to work in the Italian top flight. In 1939, Elio Loschi was 29 years 9 months 20 days old when he took charge of his first match as player-coach at Triestina. Cuesta will be 30 years 26 days old when he takes to the dugout for Parma's first match, coincidentally also against Juventus. Italian media reported that Cuesta took his first steps into coaching when he was studying in Madrid. He messaged members of the technical staff of both the city's teams on social media until the then-coach of Atletico's under-12 team responded. Parma's previous coach Cristian Chivu left the club last week, after steering the team to Serie A safety, taking over instead at Inter Milan. Spaniard Carlos Cuesta has become the youngest coach in Serie A in nearly a century after being hired by Parma. It is the 29-year-old Cuesta's first role as a head coach after spending the past five years as an assistant at English Premier League club Arsenal. Parma announced on Thursday that Cuesta had signed a two-year contract with the option of a third year. Cuesta has experience in Italy, having been an assistant coach with the under-17 team at Juventus for two years. He also worked with Atletico Madrid's youth teams prior to that. Cuesta, a Mallorca native, is the second-youngest coach ever to work in the Italian top flight. In 1939, Elio Loschi was 29 years 9 months 20 days old when he took charge of his first match as player-coach at Triestina. Cuesta will be 30 years 26 days old when he takes to the dugout for Parma's first match, coincidentally also against Juventus. Italian media reported that Cuesta took his first steps into coaching when he was studying in Madrid. He messaged members of the technical staff of both the city's teams on social media until the then-coach of Atletico's under-12 team responded. Parma's previous coach Cristian Chivu left the club last week, after steering the team to Serie A safety, taking over instead at Inter Milan. Spaniard Carlos Cuesta has become the youngest coach in Serie A in nearly a century after being hired by Parma. It is the 29-year-old Cuesta's first role as a head coach after spending the past five years as an assistant at English Premier League club Arsenal. Parma announced on Thursday that Cuesta had signed a two-year contract with the option of a third year. Cuesta has experience in Italy, having been an assistant coach with the under-17 team at Juventus for two years. He also worked with Atletico Madrid's youth teams prior to that. Cuesta, a Mallorca native, is the second-youngest coach ever to work in the Italian top flight. In 1939, Elio Loschi was 29 years 9 months 20 days old when he took charge of his first match as player-coach at Triestina. Cuesta will be 30 years 26 days old when he takes to the dugout for Parma's first match, coincidentally also against Juventus. Italian media reported that Cuesta took his first steps into coaching when he was studying in Madrid. He messaged members of the technical staff of both the city's teams on social media until the then-coach of Atletico's under-12 team responded. Parma's previous coach Cristian Chivu left the club last week, after steering the team to Serie A safety, taking over instead at Inter Milan.
Perth Now
4 hours ago
- Sport
- Perth Now
Youngest soccer boss in 86 years takes reins in Italy
Spaniard Carlos Cuesta has become the youngest coach in Serie A in nearly a century after being hired by Parma. It is the 29-year-old Cuesta's first role as a head coach after spending the past five years as an assistant at English Premier League club Arsenal. Parma announced on Thursday that Cuesta had signed a two-year contract with the option of a third year. Cuesta has experience in Italy, having been an assistant coach with the under-17 team at Juventus for two years. He also worked with Atletico Madrid's youth teams prior to that. Cuesta, a Mallorca native, is the second-youngest coach ever to work in the Italian top flight. In 1939, Elio Loschi was 29 years 9 months 20 days old when he took charge of his first match as player-coach at Triestina. Cuesta will be 30 years 26 days old when he takes to the dugout for Parma's first match, coincidentally also against Juventus. Italian media reported that Cuesta took his first steps into coaching when he was studying in Madrid. He messaged members of the technical staff of both the city's teams on social media until the then-coach of Atletico's under-12 team responded. Parma's previous coach Cristian Chivu left the club last week, after steering the team to Serie A safety, taking over instead at Inter Milan.
Observer
5 hours ago
- Business
- Observer
Buss family to sell Lakers at $10 billion valuation, ESPN says
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 minority stake in the franchise. While Jeanie Buss would continue as Lakers governor, the deal ends the Buss family's 46-year reign over thenbagiants. 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. He is also part of the ownership group of English Premier League side Chelsea. 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 Earvin "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." The Buss family selling the Lakers marks the end of an era in the NBA, whose modern popularity owes much to the franchise's 1980s heyday. The Lakers were bought in 1979 by charismatic tycoon Jerry Buss, who quickly helped turn the franchise into a sporting powerhouse as well as a globally recognised brand. The Buss era brought the Lakers 11nbachampionships — 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 and 2002 when the team was spearheaded by Kobe Bryant. More recently the team recruited superstar LeBron James, who led the Lakers to a 17th championship in 2020, and stunned the league earlier this after swooping for Dallas Mavericks star Luka Doncic. Walter has been a minority owner of the Lakers since 2021 when he bought a share in a deal which also gave him first refusal to purchase 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. — AFP
