The keys to the historic sale of the Los Angeles Lakers for 10 billion dollars!

The Buss family has reached an agreement to sell the majority ownership of Los Angeles Lakers to Mark Walter for a franchise valuation close to $10 billion, as reported by sources to ESPN. This is the highest amount ever paid for a professional sports franchise in the United States.

Despite the sale, the Buss family will retain a minority stake, slightly over 15%, for a period of time, according to a source. Jeanie Buss will remain the team's governor and will continue to oversee the franchise "for at least several years," according to sources close to the deal. This continuity was ensured as part of the agreement and has full support from Walter.

Mark Walter, CEO and president of TWG Global, already owned 26% of the Lakers since 2021, when he acquired Phil Anschutz's stake. At that time, he also obtained the right of first refusal for a potential majority purchase.

Walter and his company TWG Global have investments in various sports organizations, including the Los Angeles Dodgers, the WNBA's Sparks, the Premier League's Chelsea, and teams in the Professional Women's Hockey League. Through TWG Motorsports, he also owns several racing teams, including Cadillac in Formula 1.

The Lakers have been under the control of the Buss family since 1979 when Jerry Buss purchased the franchise from Jack Kent Cooke for $67.5 million, a deal that also included the NHL's Kings and the Forum. Since 1980, the team has won 11 championships, the most in the NBA during that period.

Following Jerry Buss's passing in 2013, ownership transferred to a trust controlled by his six children, who have worked for the franchise in various capacities. In 2017, an agreement was reached for Jeanie Buss to act as the primary owner, following a dispute with her brothers Jim and Johnny that ended up in court.

The sale to Walter was approved by majority vote among the Buss siblings, as reported by sources to ESPN. It was also mentioned that Luka Doncic, the team's star since the trade that sent Anthony Davis to the Mavericks in February, was briefly informed about the agreement.

Magic Johnson, Lakers legend and business partner of Walter, publicly endorsed the deal through social media, emphasizing that fans should be "ecstatic." According to Johnson, Walter is "the best choice" and "the best possible guardian for the Lakers brand," citing his successful track record with the Dodgers, winning two World Series and 11 division titles in 12 years.

Dodgers manager Dave Roberts celebrated the news, stating that it is "a very exciting day for the Lakers and the city of Los Angeles." He highlighted Walter's competitiveness and commitment to building a team capable of contending for the championship each year.

Johnson expressed confidence that Jeanie Buss made the decision after ensuring that Walter will do right by the Lakers. He described him as a person driven by excellence, willing to invest the necessary resources to win, someone with strong values who prefers to stay out of the media spotlight.

Incredible Sale

In addition to his roles at TWG Global, Walter is also the CEO of Guggenheim Partners, a financial services firm managing over $325 billion in assets, with Johnson being one of the investors.

With this sale, the Lakers conclude a 46-year era under the ownership of the Buss family, the longest continuous ownership of a franchise in the NBA. Herb Simon, owner of the Indiana Pacers since 1983, follows.

This transaction adds to other recent sales in the league: Mark Cuban sold the majority of the Mavericks in 2023 for $3.5 billion, and Wyc Grousbeck agreed to sell the Boston Celtics to Bill Chisholm for $6.1 billion, although this latter deal is still awaiting final approval from the NBA board of governors, scheduled for next month in Las Vegas.

This is an automatic translation. You can read the original news, Las claves de la histórica venta de Los Angeles Lakers por ¡10.000 millones de dólares!