Lakers Sell To Dodgers Owner In Historic $10B Deal That Ends Terrible Run By Jeanie Buss
Lakers hope to get their shine back under new (and successful) ownership.
The Los Angeles Lakers reportedly sold its majority ownership for $10 billion on Wednesday to Mark Walter and diversified holding company TWG Global, which also owns the Los Angeles Dodgers, in a surprising yet convincing move that sent waves through the NBA.
The valuation for the Lakers far exceeds the recent sale of the Boston Celtics, which sold for $6.1 billion.
Late Lakers owner Dr. Jerry Buss first bought the team in 1979 for $67.5 million and skyrocketed their popularity by creating the enduring "Showtime" brand, which began to lose some of its luster in recent years as mismanagement and a lack of proper funding became evident in LA's operations.
EL SEGUNDO, CA - September 20: Jeanie Buss, CEO / Governor / Co-owner of the Los Angeles Lakers, holds a new Lakers jersey as the Lakers host a 2021-2022 season kick-off event to unveil and announce a new global marketing partnership with Bibigo, which will appear on the Lakers jersey at the UCLA Health Training Center in El Segundo on Monday, Sept. 20, 2021. (Allen J. Schaben / Los Angeles Times via Getty Images)
As an ownership family entirely dependent on the revenue of the Lakers, Jeanie Buss and company were unable to pump more capital and infrastructure into the team.
Dr. Buss died in 2013, passing control of the team to his children, including sports executive Jim Buss.
Jeanie Buss will remain as Team Governor for the Lakers.
Walter, who previously owned a minority stake in the team and also owns stakes in Chelsea in the English Premier League, the Los Angeles Sparks, and an F1 team, hopes to bring back the shine to the Purple and Gold, just as he did after buying the slightly fading Los Angeles Dodgers in 2012. Walter and company purchased the Dodgers for $2 billion, which exceeded most projections at the time for the baseball club. The Dodgers are now valued at over $7 billion, following their World Series win in 2024.
Can Walter and Co. turn around the fading Lakers? Does this mean they'll inherit the organizational headache that is LeBron James, or will it push him out the door?
Jerry Buss, Paula Abdul and The Laker Girls during Jerry Buss Honored with a Star on the Hollywood Walk of Fame at 6801 Hollywood Blvd. in front of Hollywood & Highland in Hollywood, CA, United States. (Photo by Michael Tran/FilmMagic)
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