Los Angeles Lakers to sell majority ownership in historic deal
The Los Angeles Lakers, with star player LeBron James, are reportedly to be sold to billionaire financier Mark Walter.
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Walter was a close partner with Todd Boehly until he, together with American pensioners, bought Chelsea in 2022. The ownership group is Clearlake Capital, Mark Walter and Hansjörg Wyss. – Mark Walter is now looking to complete a purchase.
The majority ownership of the Los Angeles Lakers basketball team is to be sold in what will be the most expensive sale of an American sports team ever, according to a source close to the deal.
The Buss family has owned the team – one of the most iconic in global sports – since 1979 and has now struck a deal with TWG Global CEO Mark Walter, the source said.
According to reports, the sale is worth about $10 billion (about NOK 106 billion), but the amount could increase further before the deal is finalized.
Walter also has a controlling stake in the Los Angeles Dodgers, who won the World Series last year.
A spokesperson for Walter’s company confirmed that the billionaire is in the process of making a deal for the Lakers.
“Mark Walter is in the process of entering into an agreement to acquire additional stakes in the NBA team Los Angeles Lakers, of which he has been a part-owner since 2021,” the spokesperson said.
In 2021, Walter became a co-owner of the team with a 20% stake. He has investments in several sports teams around the world, including Chelsea Football Club and Cadillac Formula 1 teams, which are set to make their racing debut in 2026.
This deal comes after the Boston Celtics were sold to Bill Chisholm for $6.1 billion in March – which was then referred to as the most expensive sale by an American sports team. It surpassed the sale of American football team Washington Commanders for $6.05 billion in 2023.
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American media reported on Wednesday that the NBA team is valued at at least $10 billion. The sale will thus surpass the previous record deals by around USD 4 billion.
Jerry Buss purchased the team in 1979 for $67.5 million in a deal that also included the Los Angeles Kings hockey team and The Forum arena (now known as the Kia Forum).
Since that year, the Lakers have won more championships than any other NBA team. They have played in the NBA Finals 17 times under the Buss family and won 11 times.
The team, which is now led by superstar LeBron James, has reached the playoffs the last three seasons, but has been knocked out.
After Jerry Buss died in 2013, ownership was transferred to his six children through a foundation. The family owns 66% of the team.
Jeanie Buss has been the team’s chairman since then – a position she will reportedly keep after the sale to Walter.
Magic Johnson shouts with joy
Lakers legend Magic Johnson, who previously owned a stake in the team, said fans should be overjoyed about the sale, and that Walter will carry on the team’s legacy – pointing out that his ownership of the Dodgers led to a World Series victory.
“I just spoke to my sister Jeanie Buss to congratulate her and say I’m so happy for her and her family,” Johnson wrote on social media.
“She has seen him build a winning team with the Dodgers and knows that Mark will do the right thing for the Lakers, the organization and the fans!” he wrote in another post. “Both are extremely intelligent, visionary, great leaders, and have made a positive impact on the greater Los Angeles community!”
