The Los Angeles Lakers, one of the most iconic franchises in all of sports, are about to undergo a historic change.
The Buss family is selling a majority stake of the Lakers to Dodgers owner Mark Walter, with the deal valuing the team at a staggering $10 billion, according to a report from ESPNs Shams Charania.
Walter, the CEO and chairman of diversified holding company TWG Global, has interests in multiple professional sports organizations, including the Los Angeles Dodgers, the Los Angeles Sparks, the Premier League club Chelsea and the Professional Womens Hockey League. And through TWG Motorsports, he owns several auto racing teams, including Cadillac Formula 1, Shams said.
$10B is largest valuation ever for an NBA franchise, blowing past the $6.1 billion price tag the Boston Celtics drew earlier this year.
The Buss family, who own 66 percent of the team through a trust set up by late owner Dr. Jerry Buss, will retain a 15 percent stake for at least a number of years, Shams said.
It was guaranteed as part of the agreement that Buss would remain in charge for the foreseeable future, and Walter fully endorsed this plan, according to sources, Charania explained.
Magic Johnson, Lakers legend and part-owner of the Dodgers, publicly encouraged fans to celebrate the news on social media.
A few things I can tell you about Mark he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win! Johnson said. I can understand why Jeanie sold the team to Mark Walter because they are just alike they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world.
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