Logo of Los Angeles Lakers
Los Angeles Lakers, NBA’s most iconic and valuable franchise, is going to have new majority ownership.
The Buss Family has agreed to sell a controlling interest in the Los Angeles Lakers to current owner of the LA Dodgers.
According to MSN sports’ Mark Walter, Chief Executive Officer of Guggenheim Partners, will assume majority ownership over the iconic franchise once the deal is made official.
Current owner, Jeanie Buss, will retain the title of governor, meaning she will continue to represent the team in league matters.
She has managed the team since her father’s death in 2013.
The expected sale valued at about $10 billion, was first reported by ESPN, shattering the current record for the largest sale of a sports team in history.
The previous record was last year’s $6.1 billion sale of the Lakers’ rival Boston Celtics.
Former Lakers point guard, who has earned a star on the Hall of Fame, Magic Johnson, praised the move on Wednesday, June 18, in a social media post.
“Laker fans should be estatic,” Johnson who is also a member of the investment group Walter used to buy a controlling stake in the Dodgers said.
“A few things I can tell you about Mark is that, he is driven by winning, excellence, and doing everything the right way. He will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike. They are competitive people, l have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world. I am so so happy and excited for Lakers fans all over the world!!” he said.
Johnson added that Walter “is the best choice and will be the best caretaker” of the franchise.
Jerry Buss, the father of Jeanie, purchased the Lakers in 1979, and the family has had controlling ownership over the franchise since.
The Lakers have won 18 NBA championships, second only to the Boston Celtics.
PM/VPO
