One of the most iconic franchises in professional American sports, the Los Angeles Lakers, is up for sale. Owner Jeanie Buss has agreed to sell her majority stake in the team to Mark Walter, the CEO of diversified holding company TWG Global.
How much are the Lakers worth compared to other sports teams?
ESPN is reporting the Lakers sale could top $10 billion, which would mark the largest-ever sale of a U.S. professional sports team — a record set just three months ago.
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In December, Forbes ranked the Lakers eighth on their list of the world’s most valuable sports teams at $7.1 billion. Only the Golden State Warriors and New York Knicks are worth more in the NBA.
In March, the Boston Celtics, 19th on the Forbes list, were sold for a record $6.1 billion to a group led by private equity executive Bill Chisholm.
The Lakers have a legacy equally as impressive as their rivals. They transformed the league with their “showtime” style of play in the 1980s and have won 17 NBA championships, second only to the 18 of the Celtics.
Stars like Magic Johnson, James Worthy and Kareem Abdul-Jabbar won five championships and paved the way for the duo of Shaquille O’Neal and Kobe Bryant to win three consecutive titles between 2000 and 2002. The present-day tandem of LeBron James and Luka Doncic are looking to carry on that tradition.
Who is the new prospective owner, Mark Walter?
Mark Walter is used to winning. He is also the majority owner and chairman of the Los Angeles Dodgers, with two World Series titles under his leadership. He also has a stake in several other pro franchises. He’s been a minority stakeholder of the Lakers since 2021. Reports say Jeanie Buss will remain governor of the team after the sale.
One of the major riddles Buss and Walter will have to solve this summer is how to get one last championship run out of superstar LeBron James. Reports say James will likely opt in for the final year of his contract at $52 million, but he’s not happy about watching the finals at home.
“It’ll be the same offseason of disappointment and unfulfillment,” James said. “To have an opportunity to play longer and give yourself an opportunity to play for the Larry O’Brien trophy, so nothing changes for me.”
During their season-ending press conference, Lakers general manager Rob Pelinka said the work to build a contender isn’t done, even after the in-season blockbuster trade for Luka Doncic.
“I think it’s important to recognize this team was able to finish third in an incredibly tough Western Conference, and you make a seismic trade at the deadline, your roster and the building around it, it’s kind of like trying to build an airplane in the sky,” Pelinka said. “And now we get a chance to sort of land that plane, put it in the hangar and really figure out the parts of it that we need to retrofit and change, and that’s what we’ll do.”
Why is Buss selling the team now?
That’s the big unknown at this point. Jeanie Buss was not happy with how the team was playing in 2022 but told the Los Angeles Times she was not going to sell the team, saying her father wouldn’t have approved.
“This was something that was important to him, that he wanted me to keep the Lakers in the family,” Buss said. “I like to say my Dad had his children, but the Lakers were his baby, and he put me in charge of the baby, and I will make sure that the baby thrives.”
The late Jerry Buss purchased the Los Angeles Lakers from Jack Kent Cooke for $67.5 million in 1979. It has been in the Buss family for 46 years.
Who else is reacting to the sale?
Magic Johnson gave his stamp of approval to the sale with several posts on social media Wednesday afternoon. He is a business partner of Walter’s and part of the Dodgers ownership group.
“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. 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. I am so, so happy and excited for Lakers fans all over the world!”
League executives have yet to comment on the report, but the NBA Board of Governors must approve the sale before it becomes official.
