Latest news with #BussFamily
Arabian Business
18 minutes ago
- Business
- Arabian Business
Guggenheim Partners' Mark Walter to buy LA Lakers for world record $10bn
The Los Angeles Lakers, one of the most successful and iconic franchises in basketball history, will create yet another record when it gets sold for US$10 billion – the highest price ever paid for a sports franchise. The Buss family, which has owned LA Lakers since 1979, has agreed to sell the team to financier Mark Walter, the CEO of investment firm Guggenheim Partners, which has more than US$345 billion in assets under management. Walter is also the owner of LA Dodgers in Major League Baseball (MLB), a team that he purchased for US$2.2 billion in 2012. Walter's $10bn Lakers takeover Lakers are one of the most storied teams in the National Basketball Association (NBA) and have had a roster of superstars through the years – starting from LeBron James in the current squad to Kobe Bryant, Shaquille O'Neal, Kareem Abdul Jabbar, Magic Johnson and Wilt Chamberlain. According to The Athletic, a source close to the negotiations said the sale has not been finalised yet and could eventually value the team at US$12 billion. That would be almost double that of the US$6.1 billion valuation for the Boston Celtics, when the team got sold to Bill Chisholm in March this year. Before Celtics, the record was the $6.05 billion sale of the National Football League (NFL) team Washington Commanders to the Harris Group in July 2023. The Celtics' sale is also not yet finalised, and is pending final approval by the NBA's board of governors, who are scheduled to meet in Las Vegas next month. Jeanie Buss, whose father Jerry bought the team in 1979 for US$67.5 million, is expected to remain as team governor. Walter is already part of a group that acquired 27 per cent of the Lakers in 2021. Jeanie, if she remains the team governor, will still own at least 15 per cent as part of an NBA rule that stipulates a governor must have at least that much of an ownership stake. Magic Johnson, who has co-owned teams along with Walter, said the deal will be magical for Lakers fans, who can expect similar results that have seen the Dodgers become two-time World Series champions after being on the brink of bankruptcy when Walter took over in 2012. 'Mark Walter is the best choice and will be the best caretaker of the Laker brand,' said Johnson 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 (National League) West divisional titles in the last 12 years! 'Laker fans should be (ecstatic). 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.'
Yahoo
2 hours ago
- Business
- Yahoo
Breaking: The Los Angeles Lakers Are Being Sold
Breaking: The Los Angeles Lakers Are Being Sold originally appeared on The Spun. The Los Angeles Lakers, one of the most valuable franchises in all of professional sports, are being sold. ESPN NBA insider Shams Charania reported on Wednesday afternoon, June 18, that the Los Angeles Lakers are being sold by the Buss family. The Buss family have been the majority owners of the Los Angeles Lakers since Dr. Jerry Buss bought the team in 1979. He helped turn the Lakers into the most valuable team in the NBA and one of the most popular professional sports teams in the entire world. Advertisement However, on Wednesday afternoon, the Lakers finalized a decision to sell a majority share of the team to Mark Walter, the CEO and chairman of diversified holding company TWG Global. Charania broke the news on X, formerly known as Twitter, on Wednesday afternoon. Los Angeles Lakers guard Luka Doncic (77) celebrates with forward LeBron James (23) after making a Parkhurst-Imagn Images Charania reports that Jerry Buss' daughter, Jeanie, will continue to serve as Governor of the Lakers following the sale. However, as we saw with Mark Cuban selling the Mavericks - and promptly watching the team trade Luka Doncic - it's unlikely that she'll continue to have a prominent voice in the decision making. We'll have to see what happens, though. Advertisement "BREAKING: The Buss family is entering an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, the CEO and chairman of diversified holding company TWG Global, sources tell ESPN. Jeanie Buss will continue to serve in her role as Governor after the sale," Charania reported on Wednesday afternoon. An official announcement is expected soon. Breaking: The Los Angeles Lakers Are Being Sold first appeared on The Spun on Jun 18, 2025 This story was originally reported by The Spun on Jun 18, 2025, where it first appeared.
Yahoo
2 hours ago
- Business
- Yahoo
Blockbuster Lakers, Nuggets Trade Proposed After Team's Sale
Blockbuster Lakers, Nuggets Trade Proposed After Team's Sale originally appeared on The Spun. For the first time since 1979, the Los Angeles Lakers will no longer be owned by the Buss family. And according to reports, the team's new ownership wants to make some big moves. Advertisement The storied NBA franchise sold on Wednesday for $10 billion to TWG Global CEO Mark Walter — who also has ownership stakes in the LA Dodgers, Los Angeles Sparks and the PWHL (among other ventures). Walter has reportedly been a stakeholder in the Lakers since 2021 and received a cosign from team legend and business partner Magic Johnson following the sale. Apr 22, 2025; Los Angeles, California, USA; General view of the arena during the fourth quarter of game two of first round for the 2024 NBA Playoffs between the Los Angeles Lakers and the Minnesota Timberwolves at Arena. Mandatory Credit: Kiyoshi Mio-Imagn Images© Kiyoshi Mio-Imagn Images "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!" Magic posted to X. "I can understand why Jeanie sold the team to Mark Walter because they are just alike - they are competitive people, l have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world. I am so so SO happy and excited for @Lakers fans all over the world!!" Advertisement With the dust still settling on the Lakers' agreement, the folks over at FanDuel cooked up a potential trade proposal for LA to land the best player in the game to pair alongside future franchise player Luka Doncic and soon to be 41-year-old LeBron James. In this scenario the Denver Nuggets would send Nikola Jokic to Hollywood in exchange for a package of Austin Reaves, Rui Hachimura, Dalton Knecht, Dorian Finney-Smith, a 2031 first-round pick and a 2028 pick swap. How realistic that would be is anyone's guess in this current NBA landscape. But pairing two of Europe's premier superstars in the Purple and Gold would certainly have Laker Land excited. Advertisement Related: There Are Growing Calls For WNBA To Ban Marina Mabrey Blockbuster Lakers, Nuggets Trade Proposed After Team's Sale first appeared on The Spun on Jun 18, 2025 This story was originally reported by The Spun on Jun 18, 2025, where it first appeared.
Washington Post
4 hours ago
- Business
- Washington Post
Buss family to sell controlling stake of Lakers to Mark Walter for $10B valuation, AP source says
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 $10 billion — the highest 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.
Yahoo
5 hours ago
- Business
- Yahoo
Buss family agrees to sell controlling stake of Lakers to Mark Walter for $10B, AP source says
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 $10 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 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 of the Lakers that Walter is acquiring. He was part of a group that bought 27% of the Lakers in 2021. Walter is part of the ownership of many other franchises, including the Los Angeles Dodgers, Chelsea FC, the Los Angeles Sparks and several auto racing teams. ESPN first reported the agreement. ___ AP NBA: Tim Reynolds, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
