Chelsea co-owner Mark Walter is set to take control of the LA Lakers in a deal that would make the basketball team the most expensive sports franchise ever.
The Buss family intend to sell their controlling interest of the outfit to the American millionaire, with a person with knowledge of the agreement, who spoke on condition of anonymity, confirming the details on Wednesday.
Walter owns a minority stake in Chelsea and is the chief executive of TWG Global, who boast the likes of the LA Dodgers, LA Sparks and Formula 1 team Cadillac in its portfolio.
While already being a minority owner of the Lakers, Walter is now set to expand his control at the Los Angeles goliaths, which would end the Buss family’s 47-year majority ownership of the team.
“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,” a spokesperson for Walter’s company told the BBC.
The exact size of Walter’s new acquisition remains unclear, though he was previously part of a group that purchased 27 per cent of the Lakers in 2021.
Magic Johnson, a Lakers legend and business partner of Walter, was quick to hail the move as positive for the team, providing a personal insight to their new owner.
‘Over $17m Fraud,’ Five US-based Nigerians Bag 159 Years’ Jail Term
Chelsea Winger Mudryk Charged Over Anti-doping Violation
‘Over $456m Unpaid Revenue,’ Reps Threaten To Sanction 13 Oil Firms
“Laker fans should be estatic,” he wrote on X. “A few things I can tell you about Mark – he is driven by winning, excellence, and doing everything the right way, and he will put in the resources needed to win.
“I can understand why Jeanie [Buss] 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, so happy and excited for Lakers fans all over the world.”
Walter’s acquisition ends a glory-laden era of ownership under the Buss family, which first began when Jerry Buss bought the team for $67.5m.
Under the Buss family, the Lakers won 11 NBA championships, the most of any team over the period, with superstars like Johnson, Kobe Bryant and more recently LeBron James turning the team into a globally revered brand.
Platforms Africa
