Mark Walter, chief executive of TWG Global and co-owner of the Los Angeles Dodgers and Sparks, is set to acquire a majority stake in the Los Angeles Lakers in a deal that values the NBA franchise at $10 billion.
The agreement, reported by ESPN on Wednesday, would mark the largest-ever sale of a professional sports team.
The Lakers, one of the league’s most recognized teams, have been under the control of the Buss family since 1979.
Jerry Buss purchased the team that year and led it through multiple championships, including five during the 1980s “Showtime” era. After his death in 2013, his daughter Jeanie Buss became the principal owner.
Jeanie Buss will remain as the team’s governor following the sale, ESPN reported.
This development follows another major ownership shift in the NBA. In March, the Boston Celtics were sold to a group led by Bill Chisholm for $6.05 billion, which at the time set a league record.
Walter is a familiar figure in the Los Angeles sports market through his stakes in Major League Baseball and the WNBA. With this move, he adds a leading NBA franchise to his portfolio.
Lakers Hall of Famer and former executive Earvin “Magic” Johnson praised the decision. “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 wrote in a post on X.
“He will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike.
“Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the Lakers legacy and tradition of winning … Mark Walter is the best choice and will be the best caretaker of the Laker brand.”
