Buss family agrees to sell Lakers to Dodgers owner
Back in 1979, Dr. Jerry Buss purchased the Los Angeles Lakers franchise for $67.5 million. Although many doubted his ability to be a successful owner in the NBA, the league has never been the same since he and his family helped mold the team into one of the best and most successful franchises in professional sports.
Eleven NBA titles later, the Buss family has decided it is time to sell a majority stake in the iconic franchise.
According to Shams Charania of ESPN, the Buss family has agreed to sell that stake for a record-setting $10 billion.
The Buss family is entering into an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter for a franchise valuation of approximately $10 billion, sources told ESPN on Wednesday, the highest ever for a U.S. professional sports franchise.
The Buss family will keep a minority share of the team, just over 15%, for a period of time, a source said.
Along with buying the Lakers franchise, Mark Walter owns a majority stake in the Los Angeles Dodgers, making him one of the most powerful owners in professional sports.
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The real question moving forward is what kind of impact bringing in Walter will have on the Lakers franchise, especially with the team bringing in a young superstar, Luka Doncic, to build around for the next decade.
Unlike the Buss family, Walter has deep pockets and is willing to be aggressive in building a winner, like he has done with the Dodgers over the past 12 years, resulting in two World Series titles.
