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The Buss family has agreed to sell the controlling stake of the Los Angeles Lakers to TWG Global CEO Mark Walter, doing so with a franchise valuation of $10 billion — the most ever for a professional sports franchise, a person with knowledge of the agreement said Wednesday.
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As part of the deal, Jeanie Buss — whose family has had control of the Lakers since her father bought the team in 1979 _ intends to remain as team governor, said the person, who spoke to The Associated Press on condition of anonymity because neither side immediately announced details.
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It is not clear how much more of the Lakers that Walter is acquiring. He was part of a group that bought 27% of the Lakers in 2021.
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Walter and TWG Global already had the controlling interest in the Los Angeles Dodgers, Premier League club Chelsea, the Professional Women’s Hockey League, and — through TWG Motorsports _ owns several auto racing teams including Cadillac Formula 1.
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ESPN first reported the agreement.
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The agreement for the sale of the Lakers comes about three months after Bill Chisholm agreed to buy the Boston Celtics with an initial valuation of $6.1 billion — that topping the previous mark of $6.05 billion sale for the NFL’s Washington Commanders.
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And now, $10 billion — not just a record, but a total smashing of the previous mark.
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The Lakers have been in the control of the Buss family for 46 years, the longest of any current NBA franchise. Herb Simon bought the Indiana Pacers — currently in the NBA Finals — in 1983, the second-longest current ownership of an NBA club.
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Jerry Buss bought the Lakers for $67.5 million and left the club to his family when he died.
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The franchise has won 17 championships, second-most in NBA history, and has seen some of the game’s most storied players wear its uniform — Jerry West, Kareem Abdul-Jabbar, Wilt Chamberlain, George Mikan, Elgin Baylor, Magic Johnson, Kobe Bryant, Shaquille O’Neal and NBA all-time points leader LeBron James just some of the icons who have played for the Lakers.
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AP NBA: https://apnews.com/nba
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