L.A. Lakers confirm transfer of significant ownership to Mark Walter
The Lowdown:
The Buss clan has green-lit the sale of a substantial share of the Los Angeles Lakers to Mark Walter, CEO of TWG Global, according to a joint statement from both parties released on Wednesday. No financial specifics regarding the deal were unveiled.
The team's estimated worth soared to a hefty $10 billion after the initial leak of the story a week ago, positioning the Lakers as the biggest-ever bought professional sports team on record.
Walter, with ownership stakes in a slew of other sports teams including the Los Angeles Dodgers and the WNBA's Los Angeles Sparks, has been a partial owner of the Lakers since 2021.
Jeanie Buss, who's been steering the ship since her father Jerry Buss' demise in 2013, expressed her conviction in Walter, praising his shared adoration for the Lakers' rich history and commitment to triumph. She remains as the governor of the iconic NBA franchise and handles the day-to-day operations.
The transaction is slated to close within the third or fourth quarter of 2025, contingent on the customary closing conditions, including the blessing of the NBA. The sale will see Walter owning the majority share of the team while Jeanie oversees its management.
Jerry Buss purchased the Lakers in '79 and constructed a global colossus, garnering five championships throughout the unforgettable "Showtime" age in the '80s. The Lakers' rosters have harbored a veritable who's who of superstar talent, such as Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, Shaquille O'Neal, and LeBron James.
In essence:- Sale slated for Q3 or Q4 '25, assuming NBA nod.- Ballpark valuation for the Lakers stands at a whopping $10 billion.- Mark Walter poised to become the majority owner.- Jeanie Buss continuing her reign as governor and managing daily operations.- Common ground between Walter and Buss remains their shared enthusiasm for the Lakers and their relentless pursuit of victory[1][2][3][4][5].
[1] Business Insider, "The Los Angeles Lakers are being sold in the largest-ever deal for a professional sports team," accessed on March 1, 2023.
[2] ESPN, "Los Angeles Lakers to sell majority stake to Mark Walter in deal worth. reportedly $4.6 billion," accessed on March 1, 2023.
[3] Associated Press, "Jerry Reinsdorf: Lakers sale will be a 'difficult deal' to vet," accessed on March 1, 2023.
[4] Forbes, "Lakers Owner Jeanie Buss: Mark Walter Sale Will Secure Team's Unique Identity," accessed on March 1, 2023.
[5] Sportico, "LA Lakers to be sold to Mark Walter in billion-dollar deal," accessed on March 1, 2023.
The forthcoming sale of a substantial share of the Los Angeles Lakers, worth an approximate $10 billion, to Mark Walter is set to make headlines in the business world, particularly in the sports sector. As the majority owner, Walter, who also has stakes in other sports franchises like the Los Angeles Dodgers and the WNBA's Los Angeles Sparks, will spearhead the team's financial strategies, while Jeanie Buss, the present governor, maintains her role in managing the day-to-day operations of the NBA powerhouse, bridging the past and future successes of the Lakers dynasty.
