The Los Angeles Lakers are being sold to Mark Walter, CEO of TWG Global and owner of the Los Angeles Dodgers, in a record-breaking deal worth $10 billion. Magic Johnson congratulated Jeanie Buss and Walter on the sale, praising Walter’s ability to carry on the Lakers’ legacy. Johnson stated that Walter is driven by winning, excellence, and doing things the right way, and will put in the necessary resources to win.
The sale marks the end of the Buss family’s 46-year leadership, but Jeanie Buss will remain as team governor and retain a minority stake in the team. The Lakers’ valuation has grown significantly since Jerry Buss purchased the team for $67.5 million in 1979.
Magic Johnson also jokingly compared the Lakers’ sale to the Boston Celtics’, saying, “Just like I thought, when the Celtics sold for $6B, I knew the Lakers were worth $10B!” The sale is subject to formal league approval and is expected to close within months
