In a league full of billionaire owners, the Lakers are finally joining the club.
ESPN’s Shams Charania reported today that “The Buss family is entering an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, the CEO and chairman of diversified holding company TWG Global.” Walter, he notes, has been a majority owner in the team for years and also owns stakes in the Dodgers, the Sparks and many more sports entities. The Athletic also confirmed the news.
Charania reports the deal values the franchise at $10 billion. Previously, the largest team sale in North American sports history is the Celtics’ $6.1 billion sale in March. Besting the archival Celtics will doubtless bring Lakers fans joy.
The Buss Family has owned the franchise since 1979, when patriarch Jerry Buss bought the team (and the Kings and the Forum) for $67.5 million. Prior to this dealm the Buss family trust owned 66% of the team. Jeanie Buss will remain the team’s governor.
While arguably the premiere franchise in the NBA, the Lakers have in the past few years have had a comparatively middle-class ownership. The Buss Family’s biggest investment is the team itself, whereas many other owners, such as the Clippers Steve Ballmer, made billions elsewhere that they could them pour into the team.
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