Lakers ownership: Buss family agrees to sell controlling stake of team to Mark Walter for $10-billion
The Buss family has agreed to sell the controlling stake of the Los Angeles Lakers to TWG Global CEO Mark Walter, doing so with a franchise valuation of $US10-billion — the most ever for a professional sports franchise, a person with knowledge of the agreement said Wednesday.
As part of the deal, Jeanie Buss — whose family has had control of the Lakers since her father bought the team in 1979 — intends to remain as team governor, said the person, who spoke to The Associated Press on condition of anonymity because neither side immediately announced details.
It is not clear how much more of the Lakers that Walter is acquiring. He was part of a group that bought 27 per cent of the Lakers in 2021.
Walter and TWG Global already had the controlling interest in the Los Angeles Dodgers, Premier League club Chelsea, the Professional Women's Hockey League, and — through TWG Motorsports — owns several auto racing teams including Cadillac Formula 1.
ESPN first reported the agreement.
'Mark Walter is the best choice and will be the best caretaker of the Laker brand,' Lakers legend Magic Johnson, a business partner of Walter's and someone extremely close to Jeanie Buss, posted on social media.
'The proof is in the pudding on what he's been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner notching 2 World Series and 11 NL West divisional titles in the last 12 years!'
Johnson said he is certain Jeanie Buss made the deal only after being convinced that Walter will do right by the Lakers.
'Laker fans should be (ecstatic),' Johnson said. 'A few things I can tell you about Mark — he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike — they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world.'
Walter is intensely private in shunning the spotlight. He is CEO of the financial services firm, Guggenheim Partners, which is estimated to have more than $US325-billion in assets. Johnson is among Guggenheim's investors.
The agreement for the sale of the Lakers comes about three months after Bill Chisholm agreed to buy the Boston Celtics with an initial valuation of $US 6.1-billion — that topping the previous mark of $US6.05-billion sale for the NFL's Washington Commanders.
And now, $US10-billion — not just a record, but a total smashing of the previous mark.
The Lakers have been in the control of the Buss family for 46 years, the longest of any current NBA franchise. Herb Simon bought the Indiana Pacers — currently in the NBA Finals — in 1983, the second-longest current ownership of an NBA club.
Jerry Buss bought the Lakers for $US67.5-million and made it to the NBA Finals 16 times out of his 34 seasons leading the club, winning 10 championships in that span. When he died in 2013, ownership of the Lakers went into a trust controlled by Buss' six children — who all worked for the Lakers in various capacities for several years.
Eventually, the family began clashing over control. An agreement was struck in 2017 calling for Jeanie Buss to serve as controlling owner, ending a battle that included her going to court after her brothers Jim and Johnny Buss called for a board meeting that she interpreted as a challenge to her power — shortly after she removed Jim Buss as the Lakers' executive vice president of basketball operations.
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