Los Angeles Lakers to be sold for a $10 billion valuation, becoming most valuable sports franchise in the world

The Buss family has agreed to sell a controlling interest in the Los Angeles Lakers to the current owner of the L.A. Dodgers, CBS News Los Angeles has confirmed.

Mark Walter, Chief Executive Officer of Guggenheim Partners, will assume majority ownership over the iconic franchise. Current owner Jeanie Buss will retain the title of governor, meaning she’ll continue to represent the team in league matters. She’s ran the team since her father Jerry’s death in 2013.

“We can confirm: Mark Walter is entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers, of which he has been a stakeholder since 2021,” said a statement from the team. 

The expected sale is valued at about $10 billion, 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.

When the sale goes official, the Lakers will be the most valuable franchise in sports by nearly $4 billion.

Aside from the Dodgers, Walter also owns the Los Angeles Sparks and has interest in Premier League soccer club Chelsea. 

Jerry Buss purchased the team for $67.5 million in 1979 and have transformed into one of the world’s most recognizable sports franchises. After his death, ownership passed to his children Jeanie and Jim. 

Since the family’s acquisition, the Lakers have a 2236-1467 record and have won 11 NBA Titles with teams that have featured some of the league’s most iconic players like Kobe Bryant and LeBron James.