Lakers to be sold in record-breaking $10 billion deal: ESPN
LOS ANGELES, United States: The Los Angeles Lakers are being sold in a record-breaking $10 billion deal that makes the iconic franchise the highest-valued sports team in US history, ESPN reported Wednesday. The report said the Lakers owners, the Buss family, would sell their controlling interest in the team to billionaire Mark Walter, who already owns a minority stake in the franchise. While Jeanie Buss would continue as Lakers governor, the deal ends the Buss family’s 46-year reign over the NBA giants. Walter is the chief executive of holding company TWG Global which has built an impressive portfolio of professional sports teams, including the Los Angeles Dodgers and Los Angeles Sparks. He is also part of the ownership group of English Premier League side Chelsea. TWG also owns the Billie Jean King Cup tennis tournament and the Cadillac Formula One team. While further specifics of the deal were not disclosed, Lakers legend Earvin “Magic” Johnson — a business partner of Walter — was among the first to react to news of the agreement. “Laker fans should be ecstatic,” Johnson wrote on X. “A few things I can tell you about Mark — he is driven by winning, excellence, and doing everything the right way.