The Lakers have been owned by the Buss family since 1979m when Dr. Jerry Buss purchased the franchise. Following Dr. Buss’ death, his daughter Jeanie assumed the role of the team’s governor.
However, for the first time since 1979, there will be a new majority owner of the franchise, according to one prominent insider.
“BREAKING: The Buss family is entering an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, the CEO and chairman of diversified holding company TWG Global, sources tell ESPN. Jeanie Buss will continue to serve in her role as Governor after the sale,” reported ESPN’s Shams Charania on Wednesday.
Charania then followed up his initial report with more shocking news.
“Mark Walter is entering agreement to purchase majority ownership of the Lakers from the Buss family for a valuation of approximately $10 billion, the largest sale of a professional sports franchise in the world, sources tell ESPN.”
Fans reacted to the news on social media.
“was not expecting that. Honestly just as shocking as the Luka trade. What a legendary run by the Buss family but as a Lakers fan, happy the war chest just got deeper,” one fan wrote on Twitter.
“And if they still retain 5 to 10% ownership, along with the 10 billion, this is a tremendous deal and now they have the resources and backing to build a team around Luka,” another fan added.
“Lakers are the pinnacle of luxury and status,” someone else wrote.
It’ll be interesting to see if Walter makes any sweeping changes to the organization.