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
New report shows dimmed outlook for benefits to retirees and disabled Americans, creating further pressure for federal tax hikes or more borrowing.
Open letter to SEC Chair Paul Atkins questions whether the Ivy League university withheld material information prior to its $750 million taxable bond offering.
The Las Vegas-based hybrid RIA overseeing $8.8 billion in assets has named Andy Kalbaugh president to help scale its advisor platform.
The wealth tech giant – in collaboration with Fidelity, BlackRock, State Street, and Franklin Templeton – is offering its advisor and wealth firm users more ways to diversify.
Deal volume increased post-election but now caution has taken over.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
