LA Lakers Break Sports Team Selling World Record with $10bn Deal, Changing Owners After 46 Years

In what will be the most costly sale of a US sports team—and, in general, a sports team worldwide—the bulk of the Los Angeles Lakers men’s basketball team ownership is to be handed into the hands of new bosses.

Photo: LA Lakers court (screenshot: https://www.youtube.com/@espn)

With a staggering US$10 billion sale price, the Los Angeles Lakers are poised to break records and make sports history. Mark Walter, the CEO of Guggenheim Partners and a renowned businessman, is reportedly close to purchasing this NBA team, which boasts a stellar history and a galaxy of legendary players, though the initial price could increase to US$12 billion once finalized. This deal came only three months after the other of the two most renowned NBA franchises, the Boston Celtics, was sold for then world-record-breaking US$6.1 billion.

Since 1979, the Lakers have dominated the court and the US culture, making them a treasured asset of the Buss family. As Walter, who now manages the MLB’s LA Dodgers, is ready to take over, this potential sale marks the beginning of a new era. Remembering how he paid an unprecedented US$2.2 billion to acquire the Dodgers in 2012, Walter brought about a comeback that saw the team win two World Series and leave a successful legacy. In 2021, Walter became a co-owner of the Lakers with a 20% stake. He has investments with various sports teams globally, including the Chelsea F.C. and the Cadillac Formula 1 Team, which is set to enter racing in 2026.

Jerry Buss Bought Lakers in $67.5 Million Deal in 1979

In 1979, Jerry Buss purchased the franchise for US$67.5 million, which also included the Los Angeles Kings NHL team and the Kia Forum, formerly known as the Los Angeles Arena. The Lakers have more championships than any other NBA club since that year. Under the ownership of the Buss family, they’ve made 17 appearances in the NBA Finals and won 11 titles.

Ownership was transferred to Jerry Buss’ six children in a trust upon his death in 2013. The franchise was 66% owned by the family. Since then, Jeanie Buss has been the Lakers’ governor, a role she’s allegedly planning to retain as part of the sale to Walter. Any sale of the team had to be approved by the majority of the six kids on the trust.

The team, which is presently captained by one of the best basketball players in history, LeBron James, advanced to the playoffs three times straight before being eliminated early. Expect that this might drastically change in the near future, and give more credit to the Lakers when betting on basketball sportsbooks that have an offer of NBA markets.

10 Biggest Recorded Club Sales in Professional Sports History

The Lakers’ record-breaking agreement stands at the top of the list of the largest sales in the world’s professional sports history when it comes to clubs/organizations/franchises. Here are the 10 biggest: