In a landmark deal, the Cadillac F1 team and the CEO of TWG Global have agreed to acquire the majority control of the Los Angeles Lakers from the Buss family. The transaction was valued at approximately $10 billion and marked the largest sale of a professional sports franchise in the history of the US.
Who Owned Los Angeles Lakers Before?
The Buss family has held ownership of the Los Angeles Lakers since Dr. Jerry Buss purchased the team in 1979 for $67.5 million. They will retain a minority stake of just over 15% for a transitional period. Jeanie Buss, who served as the team’s governor and has been the public face since her father’s passing in 2013, will continue her role and oversee day-to-day operations for at least several years.
This sale shattered previous records for franchise valuations, outpacing even the recent $6.1 billion sale of the Boston Celtics. The Los Angeles Lakers have won 18 championships and have become global icons in basketball.
Who Owns It Now?
Mark Walter is no stranger in the world of high-profile sports ownership. Since 2021, he has held a minority stake in the Lakers, and this strategic move will see him as the natural successor when the Buss family decides to sell.
His empire extends beyond basketball. He is the principal owner of the Los Angeles Dodgers (MLB), the Los Angeles Sparks (WNBA), the Professional Women’s Hockey League, and Chelsea FC in the English Premier League. He also owns the new debutant Cadillac F1 team.
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The timing of the sale couldn’t have been better, having recently acquired the NBA superstar Luka Doncic in a blockbuster move. The team’s home, Crypto.com Arena, is not included in the sale, as it remains owned by AEG.
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