Sports
This is the end of an era. The Buss family is making headlines with their decision to sell majority ownership of the Los Angeles Lakers to billionaire Mark Walter. Valued at approximately $10 billion, this deal will set a record as the largest sale of a U.S. professional sports team in history, sources revealed to ESPN. Despite the change in ownership, Jeanie Buss will remain in her role as Lakers governor, ensuring continuity in leadership for the iconic NBA franchise.
Mark Walter, CEO and chairman of TWG Global, is no stranger to the world of professional sports. He has extensive investments across various organizations, including the https://www.marca.com/en/mlb/los-angeles-dodgers.htmlLos Angeles Dodgers, Los Angeles Sparks, the Billie Jean Cup, Cadillac Formula 1 team, and the Professional Women’s Hockey League.
LeBron James’ Olympic teammate Tyrese Haliburton mocked him and tells Kevin Hart why
Walter has been involved with the Lakers since 2021 as a stakeholder and held the right of first refusal for the majority share. His impressive portfolio and deep experience in sports management make him a strong fit for leading the Lakers into their next chapter.
The Lakers have been synonymous with the Buss family since 1979, when Jerry Buss purchased the team from Jack Kent Cooke for $67.5 million-a deal that also included the Los Angeles Kings and the Forum. Under their ownership, the Lakers have become one of the most successful franchises in NBA history, winning 11 championships since 1980. After Jerry Buss passed away in 2013, ownership transitioned to his children, with Jeanie Buss taking on the role of governor.
A new era for the Los Angeles Lakers
“I’m excited about this next chapter for the Lakers,” Walter said in a statement. “The legacy built by the Buss family is unparalleled, and I aim to honor that while steering the franchise into a bright future.”
This sale follows a trend among NBA owners cashing in on their investments. Jeanie Buss’ close confidants in the NBA governors community have made similar moves recently.Mark Cuban sold a majority stake in the Dallas Mavericks for $3.5 billion, while Wyc Grousbeck sold the Boston Celtics for $6.1 billion.
Walter’s credentials are nothing short of impressive. He became controlling owner of the Dodgers in 2012 when his investment group acquired the team for $2 billion-a then-record for an MLB franchise. His ability to manage high-profile sports teams positions him as a worthy successor to carry on the Lakers’ legacy.
This news was originally published on this post .
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