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.”
Follow us on
