In 1979, Dr. Jerry Buss acquired the Los Angeles Lakers franchise for $67.5 million. Despite skepticism about his potential success as an NBA owner, he and his family transformed the team into one of the most renowned and successful franchises in professional sports.
After winning eleven NBA titles, the Buss family has decided to sell a majority stake in the celebrated franchise.
As reported by Shams Charania, the Buss family has agreed to sell that stake for a record-breaking $10 billion.
The Buss family has entered into an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, valuing the franchise at approximately $10 billion, the highest ever for a U.S. professional sports franchise. The Buss family will retain a minority share of the team, just over 15%, for a period of time.
Alongside acquiring the Lakers franchise, Mark Walter also owns a majority stake in the Los Angeles Dodgers, establishing him as one of the most influential owners in professional sports.
The key question is the impact Walter’s involvement will have on the Lakers, particularly with the addition of young superstar Luka Doncic, set to be a cornerstone for the next decade.
Contrary to the Buss family’s approach, Walter possesses substantial financial resources and is willing to aggressively pursue building a winning team, as demonstrated by his success with the Dodgers over the past 12 years, resulting in two World Series titles.
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