BIG ROI

L.A. Lakers Owners to Sell Franchise for Whopping $10 Billion

The Buss family bought the team 46 years ago for a mere $67.5 million.

The owners of the Los Angeles Lakers have reportedly agreed to sell the storied NBA franchise for about $10 billion—a new record for American professional sports. ESPN reported Wednesday that the Buss family is selling its majority ownership to Lakers stakeholder Mark Walter. Walter is CEO and chairman of TWG Global, a holding company that already has a business interest in two other L.A. sports teams—the Dodgers and the Sparks—as well as the Cadillac Formula 1 team, the Professional Women’s Hockey League, and tennis’ Billie Jean Cup. Jeanie Buss, who has been the Lakers’ governor since 2013, will stay in that role. Buss’ father, Jerry, bought the Lakers—along with the Los Angeles Kings and the venue the L.A. Forum—in 1979 for $67.5 million. Prior to Wednesday, the most lucrative sale of a professional U.S. sports team occurred just a few months ago, when the defending NBA champion Boston Celtics’ ownership group sold the team for $6.1 billion. Other top sales include the NFL’s Washington Commanders and Denver Broncos for $6.05 billion and $4.65 billion, respectively, followed by the Phoenix Suns and Mercury for a combined $4 billion, and the New York Mets for $2.4 billion.