The Buss family’s iconic run as owners of the Los Angeles Lakers is set to come to an end after 46 years. Mark Walter, CEO of holding company TWG Global, will acquire majority ownership after a sale was agreed for approximately $10 billion.
That makes this transaction the highest valuation paid for a sports franchise in world history. It is expected, for now, that Jeanie Buss will continue as team governor. ESPN’s Shams Charania was first to report.
The Buss family has made out pretty, pretty well in this deal. Jerry Buss first purchased the Lakers in 1979 from Jack Kent Cooke for $67.5 million. The acquisition included the Los Angeles Kings and the old arena known as Los Angeles Forum.
Jerry passed away in 2013, after which Jeanie has served as governor. Over the entire tenure of Buss ownership, the Lakers won 11 of their 17 championships. Magic Johnson, Kareem Abdul-Jabbar, Shaquille O’Neal, Kobe Bryant and LeBron James are just some of the great names who have adorned the purple and gold during this run.
Pat Riley and Phil Jackson are the most memorable head coaches of this run.
This acquisition further adds to a staggering sports ownership portfolio for Walter. His stakes beyond the Lakers include the Los Angeles Dodgers and Sparks, the Billie Jean Cup (women’s international team tennis tournament), the Cadillac Formula 1 team and the Professional Women’s Hockey League.
Walter first became a Lakers stakeholder in 2021.
What Does Lakers’ Sale Say About NBA Landscape?
The Boston Celtics agreed to a sale within the last year as well. That makes for two of the most iconic NBA franchises getting solid in a very short span of time.
One can’t help but look at the landscape and feel owners believe this is as good as these team values will get. A handsome broadcasting rights deal worth $76 billion over 11 years was struck a year ago. There is also a change in the Collective Bargaining Agreement bringing significant luxury tax penalties via the second apron.
There must be some who feel it only goes downhill from here, at least relative to their initial purchase. Buyers willing to meet these exorbitant prices shows the demand is healthy enough, too.
Lakers fans may feel encouraged by the spending Walter’s group has shown with the Dodgers. If that is a sign of things to come, competing for the ultimate prize looks to remain a top priority.
