Buss Family’s 46-Year Reign Comes to an End as TWG Global CEO Mark Walter Takes Control

The Los Angeles Lakers, one of the most iconic sports teams in the world, is being sold to TWG Global CEO Mark Walter in a deal reportedly worth $10 billion, marking the most expensive sale of a US sports team in history. The Buss family, who have owned the team since 1979, has agreed to sell the majority stake to Walter, who also has a controlling interest in the Los Angeles Dodgers.

According to sources, the sale is a significant milestone in the team’s history, surpassing the previous record-breaking deals, including the sale of the Boston Celtics to Bill Chisholm for $6.1 billion in March. The Lakers’ valuation is estimated to be at least $10 billion, making it the most expensive sale of a US sports team.

The Buss family, led by Jeanie Buss, who has served as the team’s governor since 2013, will retain a minority stake in the franchise. The sale is expected to be finalized soon, with Walter’s company confirming the deal in a statement.

Lakers legend Magic Johnson, who previously owned a stake in the team, has expressed his support for the sale, saying that Walter will carry on the team’s legacy. Johnson, who has known Walter for some time, praised the billionaire financier’s leadership and vision, citing his ownership of the Dodgers, which led to a World Series win.

“The fact that Mark has a proven track record of success in building a winning team with the Dodgers gives me a lot of confidence that he will do the same with the Lakers,” Johnson said in an interview. “He’s a visionary leader who understands the importance of building a strong team culture and investing in the community. I’m excited to see what the future holds for the Lakers under his ownership.”

The sale of the Lakers marks the end of an era for the Buss family, who have been instrumental in the team’s success over the past 46 years. Under their ownership, the Lakers have won 11 championship titles and appeared in the NBA Finals 17 times.

As the team looks to the future under new ownership, fans can expect to see a continued commitment to excellence and a focus on building a winning team. With Walter’s track record of success in the sports industry, there is reason to be optimistic about the Lakers’ future prospects.

Key Takeaways

The sale of the Los Angeles Lakers to TWG Global CEO Mark Walter is reportedly worth $10 billion, marking the most expensive sale of a US sports team in history.

The Buss family, who have owned the team since 1979, will retain a minority stake in the franchise.

Lakers legend Magic Johnson has expressed his support for the sale, praising Walter’s leadership and vision.

The sale marks the end of an era for the Buss family, who have been instrumental in the team’s success over the past 46 years.

The Lakers’ valuation is estimated to be at least $10 billion, making it the most expensive sale of a US sports team.