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.
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.
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.
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.
ESPN first reported the agreement.
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.
And now, $10 billion — not just a record, but a total smashing of the previous mark.
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.
Jerry Buss bought the Lakers for $67.5 million and left the club to his family when he died.
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.
