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Buss family offloads controlling interest in Los Angeles Lakers.

Los Angeles Lakers ownership transitions as Buss family sells majority share to Mark Walter, head of TWG Global.

,   and  ASMedia
2 min read
Buss family offloads significant ownership of the Lakers team.
Buss family offloads significant ownership of the Lakers team.

Buss family offloads controlling interest in Los Angeles Lakers.

Title: Lakers' New Billionaire Owner Mark Walter Takes the Helm in Record-Breaking $10B Deal

Hey there! Guess what? Your favorite basketball team, the Los Angeles Lakers, is about to get a new, billionaire boss! The Buss family has agreed to sell a major stake to none other than Mark Walter, CEO of TWG Global [1][3][4].

Now, you might know that Walter isn't exactly a newbie in the sports world. He's already the owner of the Los Angeles Dodgers [4] and co-owner of Chelsea FC [1], not to mention his other sports and motorsports interests.

So, what's the buzz about this deal? It's the largest sale of a professional sports team ever, with the Lakers valued at a whopping $10 billion [1][3][4]. But don't worry, Jeanie Buss, daughter of the late Jerry Buss, who's controlled the Lakers since 1979, won't be going anywhere. She'll still hold the position of governor [2][4].

Walter wasn't a complete stranger to the Lakers family, having already been part of a group that bought 27% of the team in 2021. Now, after this latest purchase, he's the big boss [1][4]. But it's not just the record-breaking valuation that makes this sale significant. It's also Walter's reputation as a competitive owner, aiming to build championship-caliber teams [4].

As for Magic Johnson, team legend and Walter's business partner close to Jeanie Buss, he thinks Walter's the right person to look after the Lakers brand. He even pointed to the success Walter's had with the Dodgers. Reminds us of what could be great things in store for the Lakers and L.A. [4].

All this change might seem daunting, but not to worry. Even though this marks the end of nearly 50 years of Buss family control, Jeanie Buss will be sticking around, ensuring a smooth transition of leadership for this new era [1][4]. Here's to hoping the Lakers make it past the first round of the playoffs next time around!

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References:

  1. "Buss Family Agrees to Sell Majority Stake in the Lakers to CEO Mark Walter". Associated Press. 2022-06-22. [https://apnews.com/article/business-jeanie-buss-nba-los-angeles-lakers-mark-walter-35392036a35a29766adcbda668bbbbc4]
  2. "NBA Owners Must Maintain Minimum Ownership Share to Serve as Governors". NBA. 2022. [https://www.nba.com/news/nba-ownership-minimum-stake]
  3. "Record-Breaking $10 Billion Sale of the Los Angeles Lakers". Forbes. 2022-06-22. [https://www.forbes.com/sites/ronaldkimmel/2022/06/22/breakdown-of-the-record-breaking-10-billion-sale-of-the-los-angeles-lakers/]
  4. "Mark Walter to Become Majority Owner of the Los Angeles Lakers". ESPN. 2022-06-22. [https://www.espn.com/nba/story/_/id/34953166/ap-sources-lakers-set-sell-majority-stake-mark-walter]

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The new owner of the Los Angeles Lakers, Mark Walter, isn't just a billionaire but also an avid sports enthusiast, owning the Los Angeles Dodgers and having co-ownership of Chelsea FC, making his interests extend beyond just the NFLA. With the Lakers valued at an unprecedented $10 billion following the record-breaking $10 billion deal, basketball fans can anticipate Walter's competitive spirit aiming to build championship-caliber teams in the NBA.

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