Buss family to sell controlling stake of Lakers to Mark Walter for US$10 billion valuation
Valuation is the highest ever for a professional sports franchise, easily eclipsing the US$6.1 billion for Boston Celtics
The Buss family has agreed to sell the controlling stake of the Los Angeles Lakers to TWG Global CEO Mark Walter, doing so with a franchise valuation of $10 billion – the highest ever for a professional sports franchise.
Multiple media reports said that as part of the deal, Jeanie Buss, whose family has had control of the Lakers since her father bought the team in 1979, intends to remain as team governor.
It was not clear how much more of the Lakers that Walter would acquire. He was part of a group that bought 27 per cent of the Lakers in 2021. Jeanie Buss would still own at least 15 per cent of the Lakers once this transaction was completed; by NBA rule, a governor must have at least that much of an ownership stake.
Walter and TWG Global already have the controlling interest in the Los Angeles Dodgers, Premier League club Chelsea, the Professional Women’s Hockey League, and, through TWG Motorsports, owns several auto racing teams including Cadillac Formula 1.
Dodgers manager Dave Roberts said news of the sale to Walter marked “a very exciting day for the Lakers, for the city of Los Angeles”.
“He’s very competitive and he’s going to do everything he can to produce a championship-calibre team every single year and make sure the city feels proud about the Lakers and the legacy that they’ve already built with the Buss family,” Roberts said.