Los Angeles Lakers set to be sold for a record breaking amount: Highest ever!

The Los Angeles Lakers, one of professional sports' most iconic franchises, is set for a monumental ownership shift. Mark Walter, already a co-owner of Premier League club Chelsea, is set to acquire a controlling stake in the Lakers, in a deal that values the team at an staggering $10 billion. This valuation is not just a new record, but a complete shattering of any previous benchmarks for a professional sports franchise.

As part of this landmark transaction, Jeanie Buss, whose family has held control of the Lakers since her father, Jerry Buss, purchased the team in 1979, intends to remain as team governor, as reported by the Associated Press. While the precise percentage of the Lakers Walter is acquiring isn't clear, he was part of a group that bought 27% of the franchise in 2021. Jeanie Buss will retain at least a 15% ownership stake, adhering to NBA rules that require a governor to hold at least that much equity.

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Walter's expanding sports empire already includes controlling interests in the Los Angeles Dodgers, Chelsea, the Professional Women's Hockey League, and through TWG Motorsports, several auto racing teams, including Cadillac Formula 1.

The news has been met with widespread enthusiasm within the Lakers' circle. Dodgers manager Dave Roberts hailed it as "a very exciting day for the Lakers, for the city of Los Angeles." He praised Walter's competitive drive, emphasizing his commitment to building championship-caliber teams year after year and ensuring the city's pride in the Lakers' legacy.

Lakers legend Magic Johnson, a close confidant of Jeanie Buss and a business partner of Walter's, took to social media to voice his approval. Johnson unequivocally stated that Walter is "the best choice and will be the best caretaker of the Laker brand," citing his proven success with the LA Dodgers, which includes two World Series titles and 11 NL West divisional titles in the last 12 years. Johnson expressed certainty that Jeanie Buss made this deal only after being convinced Walter would truly act in the best interest of the Lakers. He assured fans they "should be ecstatic," describing Walter as driven by winning, excellence, and a willingness to invest the necessary resources.

'Makes all the sense in the world'

Johnson also drew parallels between Walter and Jeanie Buss, noting their shared competitive spirit, generosity, and preference for operating behind the scenes, suggesting the deal "makes all the sense in the world." Walter, intensely private by nature, serves as CEO of Guggenheim Partners, a financial services firm with over $325 billion in assets.

This record-breaking Lakers sale comes just three months after Bill Chisholm agreed to buy the Boston Celtics at an initial valuation of $6.1 billion, which was set to be a record at the time, surpassing the NFL's Washington Commanders' $6.05 billion sale. The Celtics' deal is still pending final approval from the NBA's board of governors, who are scheduled to meet next month.

The Lakers have been under the control of the Buss family for 46 years, marking the longest continuous ownership of any current NBA franchise. Under Jerry Buss, the Lakers made it to the NBA Finals 16 times in his 34 seasons, securing 10 championships. Upon his passing in 2013, ownership transitioned to a trust controlled by his six children. While initially working together, family clashes over control eventually led to an agreement in 2017, solidifying Jeanie Buss's position as the controlling owner, following a legal battle ignited after she removed her brother Jim Buss from his executive role. This new chapter with Mark Walter ushers in an era of unprecedented valuation, while aiming to uphold the championship legacy cultivated by the Buss family.