The Los Angeles Lakers, one of the most iconic franchises in professional sports, is set to change ownership in a record-breaking deal. The Buss family, which has held a majority stake in the team for decades, is reportedly selling their share to businessman Mark Walter for an estimated $10 billion. This transaction is set to be the largest sale in the history of U.S. professional sports franchises.
Mark Walter, the CEO of multinational conglomerate TWG Global, is no stranger to the sports world. He is the primary owner of the Los Angeles Dodgers and has stakes in several other sports entities. These include the Los Angeles Sparks, Chelsea FC, the Billie Jean King Cup, the Cadillac Formula 1 team, and the Professional Women’s Hockey League.
The Lakers’ sale comes on the heels of two other high-profile NBA franchise sales. The Dallas Mavericks and the Boston Celtics were recently sold, with the former going to the Adelson family for $3.5 billion and the latter to William Chisholm for $6.1 billion.
The Buss family’s decision to sell comes nearly five decades after Jerry Buss purchased the Lakers for $67.5 million in 1979. The value of the franchise has since skyrocketed, and the family is now set to reap the benefits of that initial investment. When Jerry Buss passed away in 2013, his ownership stake was transferred to his six children, with Jeanie Buss assuming the role of the team’s governor.
Despite the change in ownership, Jeanie Buss will retain her position as the franchise’s governor. This continuity is expected to provide stability during the transition period.
Walter’s track record as a sports team owner is impressive. Under his stewardship, the Dodgers have consistently had one of the highest payrolls in Major League Baseball and have achieved significant success, including two World Series titles and 11 NL West divisional titles in the last 12 years.
