In a landmark deal shaking the foundations of the sports world, the Buss family has reportedly agreed to sell a majority stake in the Los Angeles Lakers to Mark Walter, the CEO of TWG Global and owner of the Los Angeles Dodgers, for an estimated $10 billion. This sale, once finalized, would represent the largest transaction in the history of professional sports, surpassing the recent $6.05 billion sale of the Boston Celtics.
The Buss family's stewardship of the Lakers began in 1979 when Jerry Buss purchased the team for $67.5 million. Under his leadership, the Lakers transformed into a global brand, winning 11 NBA championships and captivating fans with their "Showtime" era led by Magic Johnson and Kareem Abdul-Jabbar, followed by the Kobe Bryant and Shaquille O'Neal dynasty. After Jerry Buss's passing in 2013, his daughter Jeanie Buss took over as the team's governor, continuing the family's commitment to excellence.
Mark Walter, the prospective new majority owner, brings a wealth of experience in sports ownership. He spearheaded the acquisition of the Los Angeles Dodgers in 2012, ushering in a new era of success for the baseball franchise, including multiple World Series appearances and two championships. Walter's sports portfolio also includes ownership stakes in the Los Angeles Sparks (WNBA), the Billie Jean Cup, Cadillac's Formula 1 team, and the Professional Women's Hockey League, demonstrating his diverse investment in the sports landscape. He has also been a minority stakeholder in the Lakers since 2021.
Despite the change in majority ownership, Jeanie Buss is expected to remain in her role as the Lakers' governor, ensuring continuity and preserving the Buss family's legacy within the organization. This arrangement suggests a collaborative approach, blending Walter's business acumen with Buss's deep-rooted understanding of the Lakers' culture and values.
The implications of this sale are far-reaching. The $10 billion valuation underscores the Lakers' enduring appeal and global brand recognition. Walter's ownership could bring new investment and resources to the team, potentially enhancing the fan experience, upgrading facilities, and attracting top-tier talent.
Magic Johnson, a Lakers legend and part-owner of the Los Angeles Dodgers, expressed his enthusiasm for the potential new ownership. He said that Walter is driven by winning, excellence, and doing everything the right way. Johnson believes that Walter will put in the resources needed to win and is the best choice and best caretaker of the Lakers.
While the specifics of the deal, including the exact percentage of the team being acquired by Walter, remain undisclosed, the sports world is abuzz with anticipation. This transition marks a significant chapter in the Lakers' history, potentially ushering in a new era of success under the leadership of Mark Walter, while honoring the legacy of the Buss family.
