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Straits Times
8 hours ago
- Business
- Straits Times
Explainer: Breaking down the Buss family's US$10 billion sale of Los Angeles Lakers
The Los Angeles Lakers are being sold in a record-breaking US$10 billion deal that makes the iconic franchise the highest-valued sports team in US history. PHOTO: AFP Explainer: Breaking down the Buss family's US$10 billion sale of Los Angeles Lakers The Buss family, architects of 11 National Basketball Association (NBA) championships, is poised to relinquish their four-decade reign over the Los Angeles 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 US$10 billion (S$12.84 billion), making it the most expensive United States 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 per cent 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 US$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 US$7.1 billion by Forbes in 2024, 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 US$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 US$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 football club Chelsea. WHO ARE THE BUSS FAMILY? Jerry Buss's 66 per cent 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 US$6.1 billion sale to a group headed by private equity firm Symphony Technology Group co-founder William Chisholm in March. The National Football League's (NFL) Washington Commanders sold for US$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 football club at US$6.3 billion. In 2022, former owner Roman Abramovich sold Chelsea to a consortium led by Boehly that included Walter, for about US$3.2 billion. WHEN IS THE LEAGUE EXPECTED TO FINALISE THE 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. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
11 hours 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)
Straits Times
12 hours ago
- Business
- Straits Times
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 Explainer-NBA-Breaking down the Buss family's sale of LA Lakers at $10-billion valuation 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. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Hindustan Times
12 hours 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.
Time of India
14 hours ago
- Business
- Time of India
'Excited about the future'- LeBron James and Luka Dončić react to Los Angeles Lakers' potential $10 billion deal
LeBron James and Luka Dončić via Instagram After being subjected to an early ejection in the playoffs, the Los Angeles Lakers have been missing out in action. The prominent NBA team has managed to be in the spotlight all thanks to the speculation around the $10 billion deal. According to the recent rumors in the NBA world, the Buss family is looking forward to selling off the controlling stakes of the Los Angeles Lakers to the Los Angeles Dodgers owner Mark Walter with an overall franchise valuation of $10 billion. LeBron James and Luka Dončić reveal being excited about Los Angeles Lakers' potential $10 billion deal The decision to sell the controlled stakes of the Los Angeles Lakers to their Major League Baseball counterparts Los Angeles Dodgers has been generating waves in the NBA world. According to a reputed NBA insider, prominent Lakers stars LeBron James and Luka Dončić reacted to the latest update about the team. The duo even expressed their excitement regarding the $10 billion deal and revealed being open to the upcoming changes with respect to the Los Angeles Lakers. According to the Slovenian basketball star Luka Dončić's recent post on X- 'The Lakers are an amazing organization. I'm looking forward to meeting Mark and excited about the future. I am also grateful to Jeanie and the Buss family for welcoming me to LA, and I'm happy that Jeanie will continue to be involved. I look forward to working with both of them to win championships!' The NBA insider even revealed- 'Speaking to people close to both Luka and LeBron James, there's excitement about this move for what it means for this team. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Confidence packed. Wrinkles left behind. Philips Garment Steamers Book Now Undo Obviously, having someone like Mike Walter doesn't mean that all of a sudden the salary cap goes out the window. There's a new collective bargaining agreement in place that has punitive measures for teams that overspend. You lose draft picks, you can't make trades and aggregate salaries, etc., when you reach towards the second apron. ' Well, LeBron James and Luka Dončić's excitement around the potential $10 billion deal around the Lakers is quite understandable. With the buzz about LeBron James' retirement and Luka Dončić making the most of his time with the Lakers, their reaction to the $10 billion deal. Also Read: 'A ring is a team accomplishment'- LeBron James goes down memory lane with the ring culture in NBA on Mind the Game Game On Season 1 kicks off with Sakshi Malik's inspiring story. Watch Episode 1 here
