by Randall Williams
The Los Angeles Lakers, the storied National Basketball Association franchise that’s won 17 championships, second only to the Boston Celtics, will be sold at a record $10 billion valuation, according to people familiar with the discussions.
The Buss family has agreed to sell its majority stake to Los Angeles Dodgers owner and Guggenheim Partners LLC Chief Executive Officer Mark Walter, the people said.
The price tag crushes the record for a professional sports team set in March by the Celtics, which were purchased for $6.1 billion by a group led by Bill Chisholm. Before the Celtics sale, the Washington Commanders of the National Football League were sold to a group led by Apollo Management co-founder Josh Harris for $6.05 billion.
Walter originally purchased a stake in the Lakers in 2021. As part of his purchase, he agreed to receive the right of refusal in a majority stake should the team ever be put up for sale.
Walter is worth $12.5 billion, according to the Bloomberg Billionaires Index. He also owns the WNBA’s Los Angeles Sparks, the newly formed Cadillac Formula One team and the professional women’s hockey league.
The NBA has seen a string of transactions in recent years. Before the Celtics, the Phoenix Suns were purchased by Mat Ishbia for $4 billion. The Dallas Mavericks were sold to the Adelson family for $3.5 billion, and former NBA superstar Michael Jordan sold the Charlotte Hornets for $3 billion. The Portland Trailblazers are also on the market.
The Buss family purchased the Lakers for $67.5 million in 1979. Jeanie Buss, who has governed the team since her father Jerry Buss died in 2013, will continue to hold that role.
ESPN first reported on the sale and valuation.
Copyright Bloomberg News
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