Los Angeles Lakers to be sold in record-breaking $10bn deal

In what is set to become the most expensive sale in U.S. sports history, the majority ownership of the Los Angeles Lakers is being sold to billionaire financier Mark Walter, CEO of TWG Global, according to a source close to the deal.

The sale, estimated at around $10 billion, surpasses previous record franchise sales, including the Boston Celtics’ $6.1 billion sale earlier this year and the Washington Commanders’ $6.05 billion deal in 2023. Final valuation could increase once the agreement is finalized.

The Buss family, who have owned the Lakers since 1979, currently hold a 66% stake in the team. Ownership was passed to the six Buss children through a trust after patriarch Jerry Buss passed away in 2013. Jeanie Buss has served as the team’s governor since then and is expected to retain that role under the new agreement.

Walter, who already holds a 20% stake in the Lakers since 2021, also owns the Los Angeles Dodgers baseball team, which won the World Series last year, as well as stakes in Chelsea Football Club and the Cadillac Formula 1 team.

A spokesperson for Walter confirmed the negotiations: “Mark Walter is entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers.”

The deal comes as the Lakers, led by LeBron James, continue their quest to return to championship form. The team has made the playoffs the past three seasons but failed to advance deep.

Since the Buss family acquired the franchise for $67.5 million in 1979, the Lakers have won 11 NBA championships and reached the Finals 17 times.

Lakers legend Magic Johnson expressed his support, saying on social media, “Fans should be ecstatic. Mark Walter knows how to build winners, as we’ve seen with the Dodgers. He will do right by the Lakers and the entire community.”