The Los Angeles Lakers have been sold. The Buss family has agreed to sell the franchise for a record $10 billion, the most any sports team has ever sold for. It’s shocking due to the team’s long-standing presence in the family. We have a synonymous thought of the Buss family owning the Lakers. It’s like the Rooney’s owning the Steelers. What is the reason this happened, and who bought the team? Let’s jump right into it!
Lakers Sold
The Buss family has agreed to sell the team after owning it for 46 years. The late Jerry Buss bought the team for $67.5 million back in 1979. Fast forward to 2025, it sells for $10 billion. It’s one of the best investments of all time, haha. This sale is the largest of a U.S. professional sports team. Jeanie Buss will continue to serve in her role as Lakers governor after the sale of the team. The 17-time NBA Champions will have a new owner for the first time in a long time, but who is it?
Who Bought the Team?
Mark Walter, the CEO and chairman of TWG Global, now has the majority ownership of the team. This is not Walter’s first time dabbling in sports. He has multiple interests, including the Los Angeles Dodgers, the Los Angeles Sparks, the Billie Jean King Cup, the Cadillac Formula 1 team, and the Professional Women’s Hockey League. Walter has shown a willingness to be a “big spender” in the past. Look at the contracts he has given out since being involved with the Dodgers. Consider Shohei Ohtani‘s deal.
What Does this Mean for the Lakers?
As previously mentioned, Walter is willing to be a big spender. Does this mean the Lakers will be aggressive in the free agency and trade markets? Their reluctance to do so in the past has bit them. Another thing to consider is Los Angeles traded for Luka Doncic near the end of his contract. If you think that he will take a discount to be in LA, you’re mistaken. It should be one of, if not the largest contract in NBA history.
Final Thoughts
For a team looking to make its way back to the NBA Finals, this is a significant development. I expect the Lakers to be an aggressive team and willing to take big swings. As John Hammond in Jurassic Park once said, “Spare no expense.” Don’t be surprised if LA is one of the teams that is high in the luxury tax over the next few seasons. What do you think this means for the Lakers? How will this impact the future of the team and franchise?
