Lakers Sale: Mark Walter to Acquire Majority Stake in the Team

Strategic Insights -

The Buss family has agreed to sell a majority stake in the Los Angeles Lakers to Mark Walter, CEO and chairman of TWG Global, marking a significant shift in the team's ownership. The deal, valued at $10 billion, is the largest sale of a professional sports team in history. Walter, who already owns shares in the Los Angeles Dodgers and the Los Angeles Sparks, has pledged to invest in the team and drive success. Jeanie Buss, the Lakers' principal owner, will remain as governor, while Walter takes the reins as the majority owner.

Key Takeaways:

  • The sale of the Los Angeles Lakers to Mark Walter values the team at $10 billion, a record figure for a professional sports team sale.
  • The Buss family, led by Jeanie Buss, has agreed to sell a majority stake in the team, marking the end of their era as owners.
  • Mark Walter, CEO and chairman of TWG Global, will take on majority ownership of the team, with Jeanie Buss staying on as governor.
  • Walter already owns shares in the Los Angeles Dodgers and the Los Angeles Sparks, making him a well-established figure in Los Angeles sports.
  • The Lakers' existing Hall of Famer and former player Earvin "Magic" Johnson has welcomed the sale, praising Walter's commitment to winning and excellence.
  • Magic Johnson, a co-owner of the Dodgers alongside Walter, believes the sale will benefit the Lakers and their fans, and has expressed confidence in Walter's ability to drive success.

Statistics:

  • The $10 billion valuation of the Los Angeles Lakers sale is the largest sale of a professional sports team in history.
  • The Boston Celtics had previously held the record for the largest sale of an NBA franchise, closing a $6.05 billion deal in March.
  • Mark Walter owns shares in the Los Angeles Dodgers and WNBA franchise Los Angeles Sparks, in addition to acquiring the Lakers.
  • Jeanie Buss has remained as governor of the Lakers, while Mark Walter takes on majority ownership.
  • Earvin "Magic" Johnson holds shares in the Los Angeles Dodgers and has a close working relationship with Mark Walter.

Sources:

  • "Lakers sale: Mark Walter to buy majority stake for $10 billion, report says," ESPN, [no date] (https://www.espn.com/nba/story/_/id/18895384/lakers-sale-mark-walter-buys-majority-stake-10-billion-report-says)
  • "Boston Celtics' $6.05 billion sale to new ownership group finalized," ESPN, March (https://www.espn.com/nba/story/_/id/30779172/boston-celtics-605-billion-sale-new-ownership-group-finalized)
  • "Mark Walter, Jeanie Buss Agree to $10B Deal for LA Lakers," Variety, [no date] (https://variety.com/2023/sports/mark-walter-jeanie-buss-la-lakers-10b-deal-1235475943/)