The Los Angeles Lakers are on the verge of a significant transition as the Buss family prepares to sell the majority ownership of the iconic NBA franchise to Mark Walter, the CEO and chairman of TWG Global, as reported by ESPN’s Shams Charania. Walter, who is already a minority stakeholder in the Lakers, also chairs the Los Angeles Dodgers and has interests in Chelsea FC, a Formula 1 team, and the WNBA’s Los Angeles Sparks.
This monumental transaction is poised to be valued at approximately $10 billion, setting a record for the sale of a professional sports franchise globally.
Jerry Buss originally acquired the Lakers in 1979 for $67.5 million, a deal that also included the NHL’s Los Angeles Kings and The Forum. The franchise has remained within the Buss family since Jerry’s passing in 2013, with Jeanie Buss serving as the team’s governor. Post-sale, she is expected to retain her role. Currently, the Buss family holds around two-thirds of the team’s ownership.
Details about the exact percentage of the franchise being sold to Walter and the financial specifics remain undisclosed. Earlier this year, CNBC valued the Lakers at approximately $7 billion, making them the third-most valuable team in the NBA, following the New York Knicks and Golden State Warriors.
The Boston Celtics were the last NBA franchise to change ownership, selling earlier this year for $6.05 billion to a group led by Bill Chisholm, marking a new NBA record.
Under the Buss family’s stewardship, the Lakers have established themselves as one of the premier franchises in sports history, clinching 11 NBA championships. Their most recent title was in 2020, and they notably achieved a three-peat from 2000 to 2002 under head coach Phil Jackson, featuring star player Kobe Bryant. Last season, the team made waves by trading for Dallas Mavericks superstar Luka Dončić.
Further updates on this development will follow shortly.