Los Angeles Lakers were sold in a deal that broke all previous records with $10 billion to billionaire Mark Walter, thus bringing to an end the Buss family’s 47-year reign over the iconic NBA franchise, according to ESPN.
Walter, who is also the CEO of TWG Global, a co-owner of the Dodgers and Sparks as well as the Lakers, will be the one taking control of the team while Jeanie Buss will still be there as the team governor. The agreement turns the Lakers into the most valuable sports franchise in the history of the United States, thus surpassing the $6.1 billion paid for the Boston Celtics earlier this year.
The Buss family purchased the Lakers in 1979 under Dr. Jerry Buss, a family that led the franchise through its most successful period in history where it won 11 NBA championships and boasted the most legendary eras powered by Magic Johnson and Kobe Bryant. Walter has been a minority owner since 2021, with first refusal rights if the team was ever sold.
Magic Johnson, a legendary Lakers player, responded positively to the news, describing Walter as a “winner” and hailing his work with the Dodgers as “great.” “He will put in the resources needed to win,” Johnson wrote on X.
TWG Global’s range also includes the Billie Jean King Cup along with the Cadillac Formula One team, thus increasing Walter’s reach in his sports career around the world.
