Buss Family To Sell Controlling Stake Of Lakers To Mark Walter For $10-B: AP

The Buss family has agreed to sell the controlling stake in the Los Angeles Lakers to TWG Global CEO Mark Walter, in a deal that values the franchise at $10 billion—the highest valuation ever for a professional sports team, a source familiar with the agreement said Tim Reynolds reported for the Associated Press (AP).

It is unclear how much more of the Lakers Walter is acquiring; he previously bought a 27% stake in 2021. I Photo: Los Angeles Lakers Facebook

As part of the deal, Jeanie Buss—whose family has owned the Lakers since her father purchased the team in 1979—plans to remain as team governor, said the source, who spoke to AP on condition of anonymity, as the parties have not publicly disclosed the terms.

It is unclear how much more of the Lakers Walter is acquiring; he previously bought a 27% stake in 2021.

Jeanie Buss will retain at least a 15% ownership stake following the transaction. Under NBA rules, a team governor must own at least 15%.

Walter and TWG Global already control the Los Angeles Dodgers, Premier League club Chelsea, the Professional Women’s Hockey League, and several auto racing teams through TWG Motorsports, including a Cadillac Formula 1 entry.

Dodgers manager Dave Roberts said the sale marked “a very exciting day for the Lakers and for the city of Los Angeles.”

He added, “He’s very competitive and he’s going to do everything he can to produce a championship-caliber 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,” Beth Harris and John Wawrow also reported for AP.