NBA’s LA Lakers to be Sold in Historic Deal

LOS ANGELES: The Los Angeles (LA) Lakers, perhaps the most influential NBA team, are officially changing ownership after more than 40 years under the Buss family.

According to reports in the international media, the Buss family has agreed to sell their majority share in the team to Mark Walter, the owner of the Los Angeles Dodgers. Walter, who already owns 26% of the Lakers, is now buying 66% of the shares to become the team’s main owner in a deal that values the Lakers at around$10 billion— the highest price ever for a professional sports team.

The previous record was held by the Lakers’ long-time rivals, the Boston Celtics, at $6.1 billion.

Despite the sale, the Buss family will keep a small share of about 15% for now, and Jeanie Buss, who has been the team’s governor since 2013, will continue in that role for the foreseeable future.

The Buss family took control of the 17-time NBA champions in 1979 when Dr. Jerry Buss bought the team for$67.5 million. Under their leadership, the Lakers became one of the NBA’s most successful franchises, winning 11 championships and becoming a global brand. Some of the most iconic names in basketball have played for the Lakers, including the late Kobe Bryant, Ervin “Magic” Johnson, Kareem Abdul-Jabbar, Shaquille O’Neal, and LeBron James.

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Mark Walter is already a well-known figure in the sports world. The Dodgers owner also has a stake in Premier League football club Chelsea, a Formula 1 team, and the WNBA’s Los Angeles Sparks.