Buss Family to Sell Controlling Stake in Lakers to Mark Walter: Insights on the $10B Valuation

The Buss family is set to sell a controlling stake in the Los Angeles Lakers to Mark Walter, CEO of TWG Global, for a staggering $10 billion. This marks a new record for professional sports team valuations.

Jeanie Buss, who has overseen the Lakers since her father bought them in 1979, will remain the team’s governor. Currently, it’s unclear how much of the Lakers Walter is acquiring, but he previously bought a 27% stake in 2021. After this sale, Jeanie will still own at least 15% of the team, as NBA rules require a governing owner to hold a minimum share.

Walter already controls several sports franchises, including the Los Angeles Dodgers and Chelsea FC. Dodgers manager Dave Roberts welcomed the news, praising Walter’s commitment to building a winning team for Los Angeles.

Lakers legend Magic Johnson also expressed his support on social media. He believes Walter is the right choice to uphold the Lakers’ legacy, drawing parallels between Walter’s success with the Dodgers and the potential for the Lakers. Johnson emphasized Walter’s dedication to excellence and his shared values with Jeanie Buss, projecting confidence in the future of the team under this new leadership.

This sale mirrors recent events in the sports industry, notably the Boston Celtics, which were valued at $6.1 billion just months ago. Interestingly, this deal for the Lakers outpaces previous sales by a significant margin, highlighting the growing revenue and popularity of NBA franchises.

The Buss family has controlled the Lakers for 46 years, the longest tenure in the league. Jerry Buss, Jeanie’s father, bought the team for $67.5 million and led them to 10 championships during his ownership.

This new chapter for the Lakers could mean more changes ahead in a rapidly evolving sports landscape, especially with teams gaining immense value and fan engagement at an all-time high.

As the NBA prepares for its next board meeting, where the sale details will be discussed, fans around the league are eager to see how this shift will affect the beloved franchise.

For more details on NBA news and updates, visit AP Sports.

Source link

Mark Walter, Jeanie Buss, Los Angeles Lakers, Zenichi Taguchi, Dave Roberts, Los Angeles, NBA, California, CA State Wire, Corruption in sports, Sports, Johnny Buss, Bill Chisholm, Jim Buss, Business, NBA basketball, NBA Finals, Herbert Simon