The Los Angeles Lakers are set to undergo a significant transition as they are changing hands after more than 40 years under the Buss family. The family has reached an agreement to sell the majority ownership of the NBA franchise to Mark Walter, the CEO and chairman of TWG Global and a prominent figure in sports ownership as the primary owner of the Los Angeles Dodgers. Walter holds a 26% minority stake in the Lakers and is known for his involvement with other franchises, including Chelsea Football Club and the WNBA’s Los Angeles Sparks.
The estimated value of the transaction stands at around $10 billion, which would mark the largest sale of a professional sports franchise globally. Jerry Buss originally bought the Lakers in 1979 for $67.5 million, and the team has remained under the control of his children since his passing in 2013, with Jeanie Buss serving as the governor.
While the exact terms of the deal remain undisclosed, Jeanie Buss is expected to maintain her role with the franchise following the sale. The Lakers are currently valued at approximately $7 billion, making them one of the top three most valuable teams in the league.
The sale adds to a recent trend in the NBA, where several teams have changed ownership, including the Boston Celtics, who were sold for $6.05 billion earlier this year. The Lakers have a storied legacy, having won 11 NBA titles under the Buss family, with significant achievements including a three-peat from 2000 to 2002, driven by legendary coach Phil Jackson and Kobe Bryant.
Magic Johnson, a Hall of Famer associated with the Lakers and part of Walter’s Dodgers ownership group, expressed his enthusiasm about the transition, highlighting Walter’s commitment to winning and excellence. He reassured fans that Walter’s approach aligns with the Lakers’ storied tradition.
This sale represents a significant milestone in the franchise’s history and marks the end of an era for the Lakers, a team that has been at the forefront of the NBA for decades. With Walter at the helm, fans and analysts alike are hopeful for a continued commitment to excellence and success.