Buss Family Sells Controlling Stake of Los Angeles Lakers for Record $10 Billion

Strategic Insights -

The Buss family, who have controlled the Los Angeles Lakers since 1979, has agreed to sell the controlling stake of the team to TWG Global CEO Mark Walter. This deal, valued at $10 billion, is the highest ever for a professional sports franchise. According to a person with knowledge of the agreement, Jeanie Buss will remain as team governor as part of the deal, although the extent of Walter's acquisition is unclear. TWG Global, led by Walter, already owns controlling interest in several other sports franchises, including the Los Angeles Dodgers and Chelsea FC.

Key Takeaways:

  • The Buss family will sell the controlling stake of the Los Angeles Lakers to TWG Global, with a franchise valuation of $10 billion, a record for a professional sports team.
  • Jeanie Buss will remain as team governor as part of the deal.
  • It is unclear how much of the Lakers TWG Global is acquiring, beyond the controlling stake.
  • Mark Walter, CEO of TWG Global, was part of a group that bought 27% of the Lakers in 2021.
  • TWG Global currently owns controlling interest in the Los Angeles Dodgers, Chelsea FC, and the Professional Women's Hockey League, and has a stake in several auto racing teams.
  • This deal marks the end of the Buss family's 43-year ownership of the Lakers, beginning with Jean's father, Jerry Buss, purchasing the team in 1979.

Statistics:

  • $10 billion: The record valuation of the Los Angeles Lakers franchise.
  • 1979: The year Jerry Buss purchased the Lakers, marking the beginning of the Buss family's ownership.
  • 43 years: The length of the Buss family's ownership of the Lakers.
  • 27%: The percentage of the Lakers acquired by TWG Global in 2021.
  • $10B: The value in billions of the Los Angeles Dodgers, one of TWG Global's existing assets.

Sources:

  • The Associated Press
  • ESPN
  • A person with knowledge of the agreement (speaking on condition of anonymity)