The Los Angeles Lakers, run by the Buss family since 1979, have been sold Mark Walter, the controlling owner of the Los Angeles Dodgers and CEO of TWG Global.
The deal values the Lakers at $10 billion, the highest-ever valuation for a professional US sports franchise.
Walter and TWG Global have extensive sports ownership interests, including controlling stakes in the Los Angeles Dodgers, Premier League club Chelsea, the WNBA's Los Angeles Sparks, the Professional Women's Hockey League, and several auto racing teams including Cadillac Formula 1.
Walter has held a stake in the Lakers since 2021, when he purchased a 26% share from Phil Anschutz and gained the right of first refusal on the majority stake.
The acquisition is expected to bring a new era of investment and ambition to the Lakers, similar to Walter's approach with the Dodgers, where he has been proactive in spending to build championship-caliber teams.
The sale ends the Buss family's 46-year control of the Lakers. After Jerry Buss's death in 2013, ownership was held in a family trust, with daughter Jeanie Buss serving as the team governor.
The Buss family is selling its majority ownership stake but will retain a minority share of approximately 15%, aligning with NBA rules requiring the team governor to hold at least 15% ownership.
The deal also reportedly involves backing from investors in the United Arab Emirates. It does not include the Crypto.com Arena, owned by AEG.