Los Angeles Lakers owner Buss family is all set to sell the majority of the stakes of the basketball franchise in the most expensive sale of a US sports team in history.
According to BBC, the Buss family has owned one of the most iconic sports teams in the world since 1979. However, after seeing the historic golden period of the team, they have decided to sell the franchise to TWG Global CEO Mark Walter.
As per the sources familiar with the deal, the Buss family would sell most of the stake worth an estimated $10 billion (£7.45bn), but it is believed that it could increase once finalised.
Walter also has a controlling stake in the professional US baseball team, the Los Angeles Dodgers, that won the World Series last year.
Walter's company confirms the Los Angeles Lakers acquisition:
A spokesperson for Walter's company confirmed that the American billionaire businessman is in the middle of the deal with the LeBron James team, the Lakers.
The spokesperson said, “Mark Walter is entering into an agreement to acquire additional interests in the NBA's Los Angeles Lakers, of which he has been a stakeholder since 2021.”
Walter, who has investments in multiple sports teams, including the Chelsea Football Club and the Cadillac Formula 1 Team, which is set to enter racing in 2026, in 2021 became a co-owner of the 20% stake in the Los Angeles Lakers.
For the unversed, Jerry Buss back in 1979 bought the team in a $67.5 million deal that included the Los Angeles Kings hockey team and a Los Angeles arena.
