A shocking development in the NBA world was announced today: the Buss family, which has helmed the most popular franchise in basketball—the Los Angeles Lakers—for the past 46 years, has officially sold its majority stake to Mark Walter, CEO and chairman of diversified holding company TWG Global.
In 1979, Jerry Buss bought the Lakers, the Los Angeles Kings, and a 13,000-acre ranch from Jack Kent Cooke for $67.5 million. Today, the Buss family has recouped on that investment. First reported by ESPN’s Shams Charania, the deal is expected to be the largest sale of a professional sports team in history, valued at a staggering $10 billion.
Walter has been a minority owner in the Lakers since 2021 and is also the controlling owner of the Los Angeles Dodgers. He continues to expand his portfolio, which includes a women’s hockey team and the Andretti Cadillac Formula 1 team.
Jeanie Buss will remain the team’s governor. While the deal still requires NBA approval in the coming months, it is widely considered all but signed, sealed, and delivered. It’s a strategic investment, especially with LeBron James’ farewell tour on the horizon and the potential addition of international star Luka Dončić.
This sale surpasses the Lakers’ rival, the Boston Celtics, who were sold for $6.1 billion earlier this year. The Buss family will retain a 15% ownership stake in the team they helped build into a global powerhouse.
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