Record-Breaking $10 Billion Sale of LA Lakers: A New Era Begins

The Los Angeles Lakers, a storied franchise in professional sports, is poised to undergo a historic ownership transition. The Buss family, custodians of the team's majority stake for many years, is reportedly transferring their shares to entrepreneur Mark Walter for an estimated $10 billion. This transaction stands to be the most significant sale in the annals of American professional sports franchises. Mark Walter, the CEO of TWG Global, is well-acquainted with the athletic realm. He is the principal owner of the Los Angeles Dodgers and holds interests in various other sports organizations, including the Los Angeles Sparks, Chelsea FC, the Billie Jean King Cup, the Cadillac Formula 1 team, and the Professional Women’s Hockey League. This sale echoes recent alterations in NBA ownership, including the Dallas Mavericks, sold to the Adelson family for $3.5 billion, and the Boston Celtics, acquired by William Chisholm for $6.1 billion. While the ownership shifts, Jeanie Buss will maintain her role as the franchise’s governor, ensuring stability through this transition. Magic Johnson lauded the deal, expressing faith in Walter’s capacity to uphold the Lakers’ legacy.