3:17 PM PT — Lakers legend Magic Johnson is speaking out about the Buss family agreeing to unload their majority ownership stake in the Lakers … congratulating them for striking “an incredible deal” and choosing the best person to carry the…
3:17 PM PT — Lakers legend Magic Johnson is speaking out about the Buss family agreeing to unload their majority ownership stake in the Lakers … congratulating them for striking “an incredible deal” and choosing the best person to carry the…
Jeanie Buss and her family have agreed to unload their majority stake of the Lakers, selling the team to L.A. Dodgers owner Mark Walter — the largest sale of a sports franchise in history!!
Shams Charania broke the news Wednesday afternoon, revealing the Busses — who own 66% of the organization — reached a deal to sell the team to the 65-year-old businessman on an approximately $10 BILLION valuation.
Jerry Buss, Jeanie’s dad, purchased the team for a paltry $67.5 million in May 1979. Under his tenure, the Lake Show became one of the most popular, successful, and culturally relevant American sports franchises … exploding in value.
It’s unclear how much ownership, if any, the Buss family will retain … but Walter, who already owns a slice, will be the majority owner.
Jeanie will remain the Governor of the team.
Walter is the CEO of Guggenheim Partners … and also has ownership in the Dodgers, the upcoming Cadillac F1 team, the Los Angeles Sparks, the Professional Women’s Hockey League and the Chelsea football club.
The team has yet to officially announce the transaction … but the move will put the Lakers at the top of the list of team sales — fittingly passing historic rival Boston Celtics organization, which sold for $6.1 billion.
Story developing …