Hoops rule my world.
The Billion-Dollar Grab: Mark Walter Takes Over the Lakers
Get ready, sports fans! The world of basketball is about to witness a monumental shift, as Mark Walter, the head honcho of TWG Global, is in line to grab the reins of the Hollywood-favorite, Los Angeles Lakers, from the Buss family. The price? A staggering $10 billion, an all-time high for a U.S. sports franchise.
Here's the lowdown on this jaw-dropping deal. If everything goes as planned, Walter, who's already the owner of the Los Angeles Dodgers, will add one of the most illustrious sports brands to his portfolio. Despite their recent on-court wobbles, the Lakers still manage to pull in huge revenues and awe-struck audiences. ESPN, LA Times, BBC, and other major media outlets confirm that the ownership change is imminent.
The agreement involves the transfer of a majority share in the Lakers from the Buss family to Walter. TWG Global, Walter's multifaceted enterprise covering everything from finance to agriculture, is the buyer. Walter was already a Lakers shareholder, having nabbed a 20% stake in 2021. The exact amount of shares up for grabs has yet to be revealed, but it's clear that the Buss clan will retain a minority stake of around 15% for some time.
The whopping valuation of $10 billion may still inch up during negotiations, but no matter what, it'll shatter the existing record for the most expensive sale of a sports team – previously held by Josh Harris, who nabbed the Washington Commanders in 2023 for $6.05 billion. Even the recent $6.1 billion sale of the Boston Celtics can't beat the Lakers' record-breaking price tag. The deal will seal when the league owners give it the thumbs up.
Now, let's take a step back and look at the deal's European counterpart. In 2022, Russian tycoon Roman Abramovich was forced to sell Chelsea to a U.S.-led consortium, led by Todd Boehly, due to political pressure. The price tag? £4.25 billion, or roughly $5.74 billion, with around £2.5 billion dedicated to the club itself, the remaining £1.75 billion earmarked for development. The purchase will set a few unique conditions: the money flowing to Abramovich will head to a charity fund; Abramovich will cover all operational expenses, leaving him with practically nothing from the sale.
Walter, on the other hand, is acquiring control over a time-tested, globally renowned sports brand. Unlike Abramovich, who made Chelsea a football behemoth through massive investments, Walter steps in with minimal fuss. The Lakers enjoyed supremacy in the basketball world decades ago, but their glory days truly began when they changed hands in 1979. Jerry Buss, Jack Cooke's successor, turned the team into a hotbed of celebrities, from Jack Nicholson to Leonardo DiCaprio. Such legends as Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, and LeBron James have graced the Lakers' courts.
The American sports scene has been on a constant growth spree over the past two decades, reflected most notably in the leagues' revenue. In the early 2000s, the NBA took in somewhat less than $2 billion a year; by 2024, the revenue had ballooned to $11.34 billion. From 2010 to the present day, the Lakers have consistently ranked among the NBA's top earners. Their revenue skyrocketed by 76% in the last decade.
Watch out for the Lakers as they aim to solidify their spot as the NBA's most lucrative team. The James-led team might not have delivered NBA titles in recent years, but under Walter's guidance, it seems they're ready to reclaim their throne. Get ready for a new era in Los Angeles sports!
In the midst of this monumental shift in the sports world, Mark Walter, the owner of the Los Angeles Dodgers, is poised to take over the Los Angeles Lakers, a storied basketball team in the NBA, in a deal valued at an astounding $10 billion. This acquisition, if successful, will see Walter adding yet another illustrious sports brand to his portfolio, with the Lakers continuing to attract massive revenues and audiences despite a few on-court challenges.
Veterans of the NBA, such as Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, and LeBron James, have graced the Lakers' courts, and under the guidance of its latest investors, the team might be poised to reclaim its throne as one of the most lucrative and successful teams in the league.
