Who is Mark Walter? Chelsea co-owner set to buy LA Lakers in record-breaking $10 billion deal

The  Buss family previously owned the NBA team

According to reports, the LA Lakers are being sold for a record-breaking $10 billion.

American tycoon Mark Walter, who controls TWG Global, which has holdings in sports teams like the WNBA’s Los Angeles Sparks and MLB’s LA Dodgers, will purchase the Lakers, which have been operated by the Buss family since 1979.

Walter also owns 12.8% of Chelsea Football Club, the same percentage as co-owner Todd Boehly, and is a member of Boehly’s BlueCo. If the deal goes through, it would be the biggest sale of a professional sports team in the United States ever.

Jerry Buss bought LA Lakers for $67.5 million in 1979

In a $67.5 million deal that comprised the Los Angeles Kings and the Los Angeles Forum, Jerry Buss acquired the NBA team from Jack Kent Cooke in 1979. He transformed them into one of the most well-known franchises in professional sports.

Under the leadership of the Buss family, the Lakers have had tremendous success, winning 11 titles since 1980—more than any other NBA team during that time.

After Jerry Buss passed away in 2013, his children acquired the LA Lakers, and his daughter has been the team’s governor ever since.

The purchase of LA Lakers will set a new record in sports and NBA history

In 2021, Walter acquired a majority ownership in the LA Lakers, giving him the right of refusal over the team. At the moment, he owns a minority 26% ownership in the squad.

As previously stated, the £10 billion sale would set a new record, surpassing the current record set by the Boston Celtics’ £6.1 billion sale earlier this year.

Magic Johnson, a member of the Dodgers ownership group alongside Walter and a Lakers Hall of Fame player who has played, coached, and served as president under the Buss family, congratulated both parties on the deal.

“Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the @Lakers legacy and tradition of winning,” Johnson wrote on X.

“Mark Walter, my business partner and friend! Mark Walter is the best choice and will be the best caretaker of the Laker brand.”

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