LA Lakers set for $15 billion sale in NBA bombshell

The LA Lakers look set to get a new owner, with reports emerging the iconic NBA outfit is being sold for an eye-watering sum.

The Lakers are changing hands — for a sky-high price tag.

The Buss family entered into an agreement to sell its majority stake in the Lakers for approximately $US 10 billion ($15.36b) to businessman Mark Walter, ESPN’s Shams Charania reported Wednesday.

It is the largest-ever sale for a sports team, Sportico reported.

Los Angeles Lakers President Jeanie Buss would remain in her position. Picture: Danny Moloshok/AP Photo

The Athletic reported the sale could reach $US12 billion ($18.4b) in value. Walter, who is also the primary owner of the Dodgers, is the founder and CEO of TWG Global, a multinational conglomerate holding company.

Walter also has interests in several other professional sports teams and enterprises, including the Los Angeles Sparks, Chelsea FC, the Billie Jean Cup, the Cadillac Formula 1 team and the Professional Women’s Hockey League. Jeanie Buss will remain in her position as the franchise’s governor after the sale, Charania noted.

The Buss family has seen the value of the Lakers skyrocket since Jerry Buss acquired the franchise for $67.5 million in 1979, and now gets to reap the benefits of that purchase 46 years later.

When Jerry Buss died in 2013, his ownership stake in the franchise transferred to his six children, with Jeanie assuming the role as the team’s governor.

The deal comes after two other highly valued NBA franchises were recently sold — the Mavericks and Celtics.

New Lakers owner Mark Walter, Picture: AP Photo

Longtime owner Mark Cuban sold his majority stake in the Mavs in late 2023 to the Adelson family for $3.5 billion, although he retained approximately 27 percent in the team.

In March, Wyc Grousbeck sold his controlling stake in the Celtics to William Chisholm for $6.1 billion.

Walter has been one of the most willing spenders in MLB with the Dodgers, which have the second-highest active payroll in baseball at over $223 million, per Spotrac.

Lakers legend and former part-owner Magic Johnson chimed in about the agreement, posting on X: “Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the @Lakers legacy and tradition of winning.

“Mark Walter, my business partner and friend! Mark Walter is the best choice and will be the best caretaker of the Laker brand. The proof is in the pudding on what he’s been able to accomplish with the LA Dodgers.

“Mark has been nothing short of a winner notching 2 World Series and 11 NL West divisional titles in the last 12 years!”