The Los Angeles Lakers have been sold to TWG Global CEO Mark Walter for the eye watering price of $15.3 billion, the most ever for a professional sports franchise.
The Buss family, who have owned the NBA franchise since 1979, originally purchased the Lakers as part of $67.5m (USD, at the time) deal which included hockey team Los Angeles Kings and the Los Angeles Forum.
As part of the deal, previous owner Jeanie Buss intends to remain as governor, according to reports.
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The Los Angeles Lakers court. Icon Sportswire via Getty Images
It is not clear how much of the Lakers that Walter is acquiring. He was part of a group that bought 27 per cent of the Lakers in 2021.
Walter is part of the ownership of many other franchises, including the Los Angeles Dodgers, Chelsea FC, the Los Angeles Sparks and several auto racing teams.
The Boston Celtics sold earlier in the year for $9.3b, which was the previous record for a franchise sale in North America.
The Lakers blew that out of the water, and franchise legend Magic Johnson was quick to let their storied rivals know about it.
“Just like I thought, when the Celtics sold for $6b (USD), I knew the Lakers were worth $10b!” he tweeted.
It has been a busy year for the Los Angeles based side, who made one of the most shocking trades in NBA history, acquiring Luka Doncic from the Dallas Mavericks and pairing him with LeBron James.
The Lakers ranked third in Forbes’ 2024 list of the most valuable sporting franchises in the world, behind the Golden State Warriors and the Dallas Cowboys.
