Mark Walter, the co-owner of Chelsea Football Club, is set to acquire the LA Lakers in a deal that values the basketball franchise at a record $10bn, ending the Buss family's 47-year majority ownership.
Walter, who already holds a minority stake in the Lakers, is the chief executive of TWG Global, which owns the LA Dodgers, LA Sparks and the Cadillac Formula 1 team. A spokesperson for his company confirmed: "Mark Walter is entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers, of which he has been a stakeholder since 2021." The exact size of the new acquisition remains unclear.
The Buss family, who bought the Lakers in 1979 for $67.5m, have overseen 11 NBA championships during their tenure, featuring legends such as Magic Johnson, Kobe Bryant and LeBron James. Jeanie Buss, the current controlling owner, agreed to sell to Walter, according to a person with knowledge of the deal.
Magic Johnson, a Lakers icon and business partner of Walter, expressed enthusiasm, saying: "Laker fans should be ecstatic. A few things I can tell you about Mark - he is driven by winning, excellence, and doing everything the right way." Johnson added that Walter and Jeanie Buss share a competitive spirit and a preference for working behind the scenes.
