Los Angeles Lakers’ Impending Sale of $10 Billion the Largest in Sports History

Photo credit: Brad Graverson, Daily Breeze.

There was some non NBA Finals and non free agency/trade news on Wednesday that surely shocked some of the NBA world, as it was announced that the Buss family is selling the Los Angeles Lakers’ franchise to businessman Mark Walter. Walter, 65, is the CEO and Chairman of diversified holding company TWG Global in addition to being the CEO of Guggenheim Partners. He is also the controlling owner of the Los Angeles Dodgers. In 2021, Walter bought Phil Anschutz’s 26% stake in the Lakers, and had the first right of refusal to purchase the Buss’ 66% share. ESPN’s Shams Charania, who broke the news of the Lakers' sale just before 5:00 p.m. eastern time on Wednesday, also says that the Buss family will retain just over 15% of minority ownership and that Jeanie Buss will continue as team Governor. 

In 1979, Dr. Jerry Buss bought the Laker franchise from Canadian businessman Jack Kent Cooke for $67.5 million, a transaction that also brought The Forum in Inglewood and the NHL’s Los Angeles Kings under the Buss umbrella. Dr. Buss ushered in the successful “Showtime” era of the 1980s (five championships) and was there to oversee the Lakers’ three consecutive titles from 2000-2002. After Buss’ passing on February 18, 2013, his daughter Jeanie became owner. The Lakers last won the championship in 2020. In total, the Lakers won 11 championships with the Buss’ in control - 1980, 1982, 1985, 1987, 1988, 2000, 2001, 2002, 2009, 2010, 2020. 

For a franchise and a family that figured so prominently in the professional sports landscape since the late 1970s - think Jerry Jones and the Dallas Cowboys and George Steinbrenner and the New York Yankees as the two most visible and marketable other franchises across the major sports - the Buss’ not being owned by the Lakers will surely take some getting used to. 

At $10 billion, it will be the largest sale of a professional sports franchise worldwide. Back in March, the Boston Celtics sold for $6.1 billion to Bill Chisholm, managing partner and chief investment officer for STG Partners LLC. 

The record sale lasted less than three months with Wednesday’s breaking story that the Lakers would be sold for nearly $4 million more.