Lakers Sold to Billionaire Mark Walter in $10B Blockbuster Deal

The Los Angeles Lakers have agreed to a record-breaking $10 billion sale, making the franchise the highest-valued sports team in US history, according to an ESPN report.

The Buss family, who have owned the team for 46 years, will sell their controlling interest to billionaire Mark Walter, who already holds a minority stake in the team.

Under the deal, Jeanie Buss will remain the Lakers’ governor, while Walter’s holding company, TWG Global, takes the reins.

TWG Global boasts an impressive portfolio of professional sports teams, including the Los Angeles Dodgers, Los Angeles Sparks, and English Premier League side Chelsea, as well as the Billie Jean King Cup tennis tournament and the Cadillac Formula One team.

Lakers legend Earvin “Magic” Johnson, a business partner of Walter’s, was quick to react to the news. “Laker fans should be ecstatic,” Johnson wrote on X. “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.”

Johnson cited Walter’s successful ownership of the Dodgers, who have won two World Series titles under his leadership and have aggressively pursued top talent, including signing Japanese superstar Shohei Ohtani to a 10-year, $700 million deal.

“Mark is the best choice and will be the best caretaker of the Laker brand,” Johnson wrote. “The proof is in the pudding on what he’s been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner.”

The sale marks the end of an era for the NBA, which owes much of its modern popularity to the Lakers’ dominance in the 1980s. The Buss family’s reign, which began in 1979, brought the team 11 NBA championships and cemented the franchise’s status as a global brand.

Under Jerry Buss’s charismatic leadership, the team experienced golden ages with the “Showtime” Lakers and later with Kobe Bryant, and more recently recruited superstars like LeBron James, who led the team to its 17th championship in 2020.

Walter, who became a minority owner of the Lakers in 2021, has been given full control of the team in the deal.

The $10 billion sale shatters the previous record for a US sports team, surpassing the $6.1 billion paid for the Boston Celtics earlier this year and the $6.05 billion paid for the Washington Commanders in 2023.

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