The Buss family has agreed to sell a majority stake in the Los Angeles Lakers to businessman Mark Walter in a deal valuing the franchise at $10 billion.
Walter, the CEO and chairman of the diversified holding company TWG Global, is also an investor in Chelsea FC of the Premier League and the majority owner of MLB’s Los Angeles Dodgers.
This transaction is projected to value the Lakers at approximately $10 billion, making it the largest sale of a professional sports franchise in history.
The Buss family has owned the Lakers since 1979, when Jerry Buss bought the team from Jack Kent Cooke for $67.5 million. Following Jerry Buss’s passing in 2013, ownership was transferred to his children.
It is expected that the Buss family will retain roughly 15% of the team for the foreseeable future. Jeanie Buss, who has served as the team’s governor since 2013, will continue in that role after the sale.
The sale to Walter was approved by the Buss siblings via a majority vote.
Former Lakers star and Hall of Famer Magic Johnson, who is part of the group that Walter used to acquire a controlling interest in the Dodgers, publicly expressed support for the move on social media on June 18.
“Laker fans should be estatic (sic),” Johnson wrote. “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 – they are competitive people, l (sic) have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world. I am so so SO happy and excited for @Lakers fans all over the world!!”
Johnson added that Walter “is the best choice and will be the best caretaker” of the franchise.
