The Buss household has agreed to promote a majority stake within the Los Angeles Lakers to TWG Global CEO Mark Walter, each events confirmed Wednesday, whereas Jeanie Buss will stay the workforce’s governor.
Financial phrases weren’t disclosed, however an preliminary report final week valued the deal at $10 billion, marking the biggest sale in skilled sports activities historical past.
Walter, who already holds stakes in Major League Baseball’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks, has been a minority proprietor of the Lakers since 2021.
“From the day our father purchased the Lakers, we have been determined to deliver what the city of Los Angeles deserves and demands: a team that is committed to winning – relentlessly – and to doing so with passion and with style,” Buss stated in a news launch.
“I have gotten to know Mark very well over time and been delighted to learn how he shares those same values.”
The sale is anticipated to shut within the third or fourth quarter of 2025, topic to customary closing situations, together with NBA approval, the events stated.
The late Jerry Buss bought the Lakers in 1979 and reworked the workforce into one of many world’s hottest sports activities franchises, profitable 5 championships throughout their now-iconic “Showtime” period within the Eighties.
Over the years, the Lakers’ rosters have featured world-famous abilities similar to Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, Shaquille O’Neal and LeBron James.
Jeanie Buss, who turned principal proprietor after her father’s demise in 2013, is among the many strongest girls in sports activities. She will proceed to supervise all workforce operations on a day-to-day foundation for the foreseeable future.
“Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys,” Walter stated.
“I love what he, Jeanie and the Buss household have constructed, and I understand how a lot this particular group issues to Southern Californians and to sports activities followers in every single place.
“I also have tremendous respect for Jeanie’s continued commitment to maintaining the Lakers’ long-term vision and elite status, and I’m excited to work with her on the next era.”
Source: www.dailysabah.com