Latest news with #JerryBuss
CNN
4 hours ago
- Business
- CNN
Buss family agrees to sell majority stake of Los Angeles Lakers in reported record $10B deal
The Buss family has agreed to sell majority ownership of the Los Angeles Lakers, one of the most storied franchises in all of sports, to Los Angeles Dodgers owner Mark Walter, a source familiar with the agreement told CNN. The valuation of the agreement is approximately $10 billion, representing the most lucrative deal for a professional sports team, according to the Associated Press. ESPN's Shams Charania was first to report the agreed sale. CNN has reached out to the Lakers and Dodgers for comment. Aside from being the chairman and controlling owner of the Dodgers, Walter is the CEO and founder of the holding company TWG Global. The diversified business also holds stakes in the WNBA's Los Angeles Sparks, the Premier League's Chelsea FC and the newly formed Cadillac Formula One team, which is scheduled to make its debut on the grid in 2026, among other sports franchises. On Wednesday, TWG said Walter is entering into an agreement to acquire additional interests in the Lakers. He has owned a minority stake in the franchise since 2021. Basketball Hall of Famer Jerry Buss bought the Lakers in 1979 and oversaw the franchise winning 10 NBA titles. After his death in 2013, his daughter Jeanie Buss took over the role as governor of one of the most successful franchises in sports. Los Angeles added another Larry O'Brien trophy to the collection in 2020, led by LeBron James, the team's 17th NBA championship. Last season, the Lakers finished in third place in the Western Conference with a 50-32 record before being eliminated by the Minnesota Timberwolves in the first round of the NBA playoffs. James still remained one of the better players in the league in his 22nd season, averaging 24.4 points, 7.8 rebounds and 8.2 assists. But the team shocked the world by executing one of the most stunning blockbuster trades in NBA history. Los Angeles acquired NBA superstar Luka Doncic, as well as Maxi Kleber, Markieff Morris from the Dallas Mavericks for Anthony Davis, Max Christie and the Lakers' 2029 first-round draft pick. The NBA's all-time leading scorer reportedly signed a two-year, $104 million maximum contract to return to the Lakers ahead of 2024-2025 season and has a player option to return next season. Team president of basketball operations and general manager Rob Pelinka had previously said James will be keeping an eye on how the roster improves in the offseason. Buss reportedly will continue in her role with the franchise after the sale.
Wall Street Journal
6 hours ago
- Business
- Wall Street Journal
Los Angeles Lakers Sold for $10 Billion in Richest Deal in Sports History
The NBA's most glamorous franchise is changing hands—and becoming the world's most valuable sports team in the process. Jeanie Buss and her family, who have owned the Los Angeles Lakers since Jerry Buss bought the team in 1979, on Wednesday agreed to sell majority control of the storied team to Mark Walter, the sports investor and CEO of Guggenheim Partners, at a valuation of $10 billion, according to a person familiar with the deal.
Yahoo
8 hours ago
- Business
- Yahoo
Who is Mark Walter? What to know about Los Angeles Lakers new majority owner
Mark Walter just became one of the most powerful owners in all of sports. The CEO and founder of holding company TWG Global is set to acquire a majority ownership stake in the Los Angeles Lakers, acquiring it from the Buss family − led by Jeanie Buss − for a $10 billion valuation. It's not only a monumental day in Los Angeles, but in the United States as it becomes the most expensive purchase agreement of a U.S. pro sports franchise in history. Advertisement The Lakers are one of the most recognizable sports brands in the world, and the sale could mean grand things for the team that has won 18 NBA championships. It will be the first time in more than 45 years that the Lakers won't be owned by the Buss family. Jerry Buss had purchased the team in 1979. So with Walter becoming an even more important figure in sports, here's what to know about the new Lakers owner: Los Angeles Dodgers owner Mark Walter at a introductory press conference for Shohei Ohtani at Dodger Stadium. Who is Mark Walter? Walter is a 65-year-old businessman from Iowa. He attended Creighton University and got his doctorate at Northwestern University. He also is a board member at both of his alma maters. Mark Walter net worth His net worth is $6.1 billion, according to Forbes. Mark Walter companies Walter is the CEO and founder of holding company TWG Global, which owns and controls businesses in financial services, renewable energy, sports, media, entertainment, art, eco-tourism and agriculture, according to the Milken Institute. He also is the founder and is the CEO of Guggenheim Capital, LLC, which the Milken Institute says is "a diversified financial services firm with more than $340 billion in assets under management." Who owns the Los Angeles Dodgers? That would be Walter. His investment group of Guggenheim Baseball Management, which includes Magic Johnson, purchased the team in 2012 for $2.2 billion. Walter serves as the team chairman. Advertisement Under his leadership, the Dodgers have won two World Series − 2020 and 2024 − four National League pennants, 11 NL West division titles and have made the playoffs every year. Excluding the shortened 2020 season, the Dodgers have won at least 91 games each season since Walter's group bought the team, with five of those seasons having at least 100 victories. The sponsorship on the Dodgers' jerseys are Walter's company in Guggenheim Capital. Mark Walter owns several sports teams The Dodgers and Lakers aren't the only teams Walter has invested in. He has minority ownership in: Chelsea FC Los Angeles Sparks Cadillac Formula 1 The Professional Women's Hockey League Mark Walter almost owned the Los Angeles Clippers Before he became the Lakers owner, he nearly owned the team that used to play in the same building. Advertisement Walter was part of David Geffen's bid to buy the Los Angeles Clippers in 2014, when the team went for sale after former owner Donald Sterling was banned by the NBA for racist remarks. However, the team eventually went to Steve Balmer, who acquired the Clippers for $2 billion. This article originally appeared on USA TODAY: Who is Mark Walter? What to know about Los Angeles Lakers new owner
Time of India
9 hours ago
- Business
- Time of India
Los Angeles Lakers $10 Billion Sale Shatters Sports Franchise Records; Buss Family Makes NBA History
Lakers team (Image via Getty) In June 2025, the majority of the Los Angeles Lakers is to be sold for a record-setting $10 billion, marking the largest sale of a professional sports franchise in history. This monumental deal reflects not only the Lakers' unparalleled legacy but also the dynamic forces shaping the NBA and global sports ownership. The Buss Family Legacy and the Decision to Sell the Los Angeles Lakers For over four decades, the Buss family has guided the Los Angeles Lakers, transforming them from a regional basketball team into a global sports icon. Dr. Jerry Buss purchased the franchise in 1979 for $67.5 million—a transaction that also included the NHL's Los Angeles Kings and The Forum in Inglewood, California. Under the Buss family's stewardship, the Lakers have secured 11 NBA championships, the most of any franchise during that period, and built a roster featuring legendary players such as Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, Shaquille O'Neal, and LeBron James. Following Jerry Buss's death in 2013, ownership passed to his children, with Jeanie Buss serving as the team's governor. The family's trust structure required a majority of the six Buss siblings to agree to any sale, a consensus that was finally reached this week. Despite selling a majority stake, Jeanie Buss will retain a minority interest and continue as governor, ensuring continuity in the team's leadership and identity. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Concentrated Siberian Ginseng Extract 2oz Superior Ginseng Undo The Los Angeles Lakers Buyer: Mark Walter's Sports Empire Mark Walter, CEO of Guggenheim Partners and principal owner of the Los Angeles Dodgers, is set to become the controlling owner of the Lakers. Walter, who already held a minority stake in the Lakers since 2021, has a proven track record in sports ownership, including the Dodgers, the WNBA's Los Angeles Sparks, a stake in Chelsea Football Club, interests in Formula 1, and the Professional Women's Hockey League. Walter's acquisition of the Lakers adds to his growing sports empire and reflects the increasing appetite among ultra-wealthy investors for marquee sports assets. Under his leadership, the Dodgers have thrived both on and off the field, setting league payroll records and securing multiple World Series appearances. His reputation for bold investments and operational excellence bodes well for the Lakers' future. Record-Breaking Valuation and Market Dynamics The $10 billion sale price shatters previous records for sports franchise transactions, far exceeding the $6.1 billion paid for the Boston Celtics earlier in 2025 and the $6.05 billion for the NFL's Washington Commanders. This valuation is particularly notable given that the Lakers' official league valuation had recently been estimated at $7 billion, ranking them third among NBA teams behind the New York Knicks and the Golden State Warriors. Several factors drive this record valuation: - Historic Success and Brand Power: The Lakers' championship legacy and global fan base make them one of the most recognizable sports brands in the world. - Prime Market Location: Los Angeles is the second-largest media market in the United States, offering vast opportunities for sponsorships, merchandising, and international expansion. - Booming NBA Media Rights: The league's recent $77 billion, 11-year media rights deal has dramatically increased the revenue potential for all teams, further boosting franchise values. - Strong Ownership and Stability: The combination of Mark Walter's proven leadership and Jeanie Buss's continued involvement provides confidence in the team's future direction. The Impact on the Los Angeles Lakers and the NBA The sale of the Lakers for $10 billion is more than a financial transaction—it signals a new era for the franchise and the NBA as a whole. The deal sets a new benchmark for sports franchise valuations and is likely to influence future sales across major leagues. For the Lakers, the transition represents continuity and ambition, with both the legacy of the Buss family and the vision of Mark Walter shaping the team's future. Lakers icon Magic Johnson, who has been involved with both the Lakers and the Dodgers, publicly congratulated the new ownership group, emphasizing their shared commitment to winning and investing in success. The $10 billion sale of the Los Angeles Lakers underscores the enduring value of iconic sports franchises in today's global marketplace. With a rich history, a prime location, and visionary new ownership, the Lakers are poised to remain at the forefront of professional sports for years to come. Game On Season 1 kicks off with Sakshi Malik's inspiring story. Watch Episode 1 here
CNN
11 hours ago
- Business
- CNN
Buss family agrees to sell majority stake of Los Angeles Lakers in reported record $10B deal
The Buss family has agreed to sell majority ownership of the Los Angeles Lakers, one of the most storied franchises in all of sports, to Los Angeles Dodgers owner Mark Walter, a source familiar with the agreement told CNN. The valuation of the agreement is approximately $10 billion, representing the most lucrative deal for a professional sports team, according to the Associated Press. ESPN's Shams Charania was first to report the agreed sale. CNN has reached out to the Lakers and Dodgers for comment. Aside from being the chairman and controlling owner of the Dodgers, Walter is the CEO and founder of the holding company TWG Global. The diversified business also holds stakes in the WNBA's Los Angeles Sparks, the Premier League's Chelsea FC and the newly formed Cadillac Formula One team, which is scheduled to make its debut on the grid in 2026, among other sports franchises. On Wednesday, TWG said Walter is entering into an agreement to acquire additional interests in the Lakers. He has owned a minority stake in the franchise since 2021. Basketball Hall of Famer Jerry Buss bought the Lakers in 1979 and oversaw the franchise winning 10 NBA titles. After his death in 2013, his daughter Jeanie Buss took over the role as governor of one of the most successful franchises in sports. Los Angeles added another Larry O'Brien trophy to the collection in 2020, led by LeBron James, the team's 17th NBA championship. Last season, the Lakers finished in third place in the Western Conference with a 50-32 record before being eliminated by the Minnesota Timberwolves in the first round of the NBA playoffs. James still remained one of the better players in the league in his 22nd season, averaging 24.4 points, 7.8 rebounds and 8.2 assists. But the team shocked the world by executing one of the most stunning blockbuster trades in NBA history. Los Angeles acquired NBA superstar Luka Doncic, as well as Maxi Kleber, Markieff Morris from the Dallas Mavericks for Anthony Davis, Max Christie and the Lakers' 2029 first-round draft pick. The NBA's all-time leading scorer reportedly signed a two-year, $104 million maximum contract to return to the Lakers ahead of 2024-2025 season and has a player option to return next season. Team president of basketball operations and general manager Rob Pelinka had previously said James will be keeping an eye on how the roster improves in the offseason. Buss reportedly will continue in her role with the franchise after the sale.
