The Los Angeles Lakers are set to change ownership in a landmark $10 billion deal that will make the storied NBA franchise the most valuable sports team in U.S. history, ESPN reported on Wednesday.
The Buss family, who have controlled the Lakers for 46 years, will sell their majority stake to billionaire Mark Walter, the CEO of TWG Global. Walter already holds a minority share in the team and is widely recognized for his role in transforming the Los Angeles Dodgers into perennial contenders in Major League Baseball.
Although Jeanie Buss will remain as the Lakers’ governor, the deal marks the end of the Buss family’s iconic era, which began when Jerry Buss purchased the team in 1979 and built it into a global basketball powerhouse. Under the Buss leadership, the Lakers won 11 NBA titles, ushered in the “Showtime” era of Magic Johnson, and later the dominance of Kobe Bryant and Shaquille O’Neal.
Mark Walter’s TWG Global owns or holds stakes in several sports entities, including the Dodgers, WNBA’s Los Angeles Sparks, Premier League club Chelsea, the Billie Jean King Cup, and the Cadillac Formula One team. His acquisition of the Lakers cements his position as a leading figure in global sports ownership.
Lakers legend and business partner Earvin “Magic” Johnson praised the deal, calling Walter “the best choice” to carry the Lakers legacy forward. “He is driven by winning, excellence, and doing everything the right way. Laker fans should be ecstatic,” Johnson wrote on X.
Walter, who joined the Lakers’ ownership in 2021 with a clause giving him first refusal should the team be sold, is now expected to inject significant resources into the franchise. Under his leadership, the Dodgers have twice won the World Series and recently secured Japanese star Shohei Ohtani in a record-breaking $700 million deal.
The $10 billion price tag shatters previous records for U.S. sports team sales, surpassing the $6.1 billion paid for the Boston Celtics earlier this year and the $6.05 billion Washington Commanders sale in 2023.
The sale of the Lakers not only closes one of the most storied chapters in NBA history but also begins a new era with expectations of continued excellence under Walter’s stewardship.
Written By Rodney Mbua
