The LA Lakers are reportedly being sold in what would be a record-breaking $10billion deal.
Lakers, who have been owned by the Buss family since 1979, will sell the team to American tycoon Mark Walter, who owns TWG Global – who have interests in sports organisations including MLB team LA Dodgers and WNBA side Los Angeles Sparks.
Walter is also part of Todd Boehly’s BlueCo, and a 12.8 per cent stake in Chelsea Football Club, the same amount as co-owner Boehly.
Should the deal happen, it would be largest sale of a U.S. professional sports team of all time.
Jerry Buss picked purchased the NBA franchise from Jack Kent Cooke in a $67.5 million transaction that also included the Los Angeles Kings and the Los Angeles Forum.
The Lakers have experienced huge success under Buss family stewardship, winning 11 championships since 1980 – the most by any NBA team during that period.
Buss’ children inherited the Lakers when Jerry died in 2013 with his daughter serving as the Lakers’ governor since.
Walter became a stakeholder in the Lakers in 2021, receiving a right of refusal on the majority share of the team. He currently holds a minority 26 per cent stake in the team.
As mentioned, the £10bn sale would be a record-breaking one, a figure that would dwarf the current record of the sale of the Boston Celtics for £6.1bn earlier this year.
Lakers Hall of Fame star Magic Johnson, who has played, coached and served as president under the Buss family — and is part of the Dodgers ownership group with Walter — congratulated both sides on the agreement.
“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,” Johnson wrote on X.
“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!”
“Laker fans should be estatic,” Johnson continued.
“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.”