LOS ANGELES :Billionaire Mark Walter's purchase of a majority stake in the Los Angeles Lakers, in a deal that values the team at $10 billion, adds another glittering asset to his sports portfolio and could usher in another championship era for the National Basketball League franchise.
The Buss family, the longest-tenured owners in the NBA, is entering into an agreement to make the sale to Walter, ESPN reported on Wednesday, in what would be the largest-ever sale of a professional sports team.
The Lakers have yet to confirm the deal.
Walter, 65, is the CEO of holding company TWG Global and financial services firm Guggenheim Partners, and LA sports fans do not need to look far to see the impact his mighty checkbook can have on a franchise.
Walter, along with a group that included Lakers legend Earvin "Magic" Johnson, purchased the Los Angeles Dodgers in 2012 for $2.15 billion in what at the time was an MLB record.
Under his ownership, the Dodgers have made 12 straight playoff appearances, won two championships, including last season's World Series and added generational talents Mookie Betts, Freddie Freeman and Shohei Ohtani.
'ECSTATIC'
Johnson, a Hall of Famer who won five NBA titles with the Lakers, said fans should be "ecstatic" about Iowa native Walter becoming the team's next owner.
"A few things I can tell you about Mark - he is driven by winning, excellence, and doing everything the right way," Johnson said in a post on X on Wednesday.
The reported $10 billion valuation of the Lakers was eyebrow-raising, especially after their historic rivals the Boston Celtics sold for $6.1 billion in April.
But it was not a surprise that Walter would be on the other side of the deal. He has been a stakeholder in the team since 2021.
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