More Sports

NBA: Los Angeles Lakers To Sell Majority Ownership In Historic Deal

The Lakers, with their star player LeBron James, are said to be sold to billionaire financier Mark Walter

The majority stake of the Los Angeles Lakers basketball franchise is being sold in what will mark the most expensive sale of a US sports team in history, according to a source familiar with the deal.

The Buss family has owned the team – one of the most iconic in sports globally – since 1979 and now has made a deal with TWG Global CEO Mark Walter, the source said.

The sale is reportedly worth an estimated $10 billion (£7.45bn) – though it could increase once finalised.

Mr Walter also has a controlling stake in the Los Angeles Dodgers, the professional US baseball team that won the World Series last year.

The BBC has contacted the Lakers for comment.

A spokesperson for Mr Walter’s company confirmed the billionaire financier was in the midst of a deal with the Lakers.

“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,” the spokesperson said.

In 2021, Mr Walter became a co-owner of the team with a 20% stake. He has investments with various sports teams globally, including the Chelsea Football Club and the Cadillac Formula 1 Team, which is set to enter racing in 2026.

The deal comes after the March sale of the Boston Celtics basketball team to Bill Chisholm for $6.1 billion – which at that time was dubbed the priciest sale of a US sports franchise. It had surpassed the 2023 sale of the Washington Commanders American football team for $6.05 billion.

US media reported Wednesday that the National Basketball Association team’s valuation is at least $10 billion. Its sale will surpass those record-breaking deals by about $4 billion.

Jerry Buss bought the team in a $67.5 million deal in 1979 that included the Los Angeles Kings hockey team and a Los Angeles arena, known as the Kia Forum.

Since that time, the Lakers have won more championship titles than any other NBA team. They’ve appeared at the NBA Finals 17 times under the Buss family ownership and won the championship 11 times.

The team – currently led by superstar LeBron James – made it to the playoffs the last three seasons but was eliminated.

After Mr Buss died in 2013, ownership was passed to his six children in a trust. The family owns a 66% stake in the franchise.

Jeanie Buss has served as the Lakers’ governor since that time – a position she’s reportedly going to keep under the terms of the sale to Mr Walter.

The Los Angeles Times reports the trust required the majority of the six children to agree on any sale of the team.

Lakers legend Magic Johnson, who previously owned a stake in the team, said fans should be ecstatic about the sale and that Mr Walter will carry on the team’s legacy – noting his ownership of the Dodgers led to a World Series win.

“I just talked to my sister Jeanie Buss to tell her congratulations, and that I’m so happy for her and family,” Mr Johnson said on X.

“She’s witnessed him build a winning team with the Dodgers and knows that Mark will do right by the Lakers team, organization, and fans!” he said in another post. “Both are extremely intelligent, visionaries, great leaders, and have positively impacted the greater Los Angeles community!”

Bbc.com

Post Views: 3

Related Topics:Basketball Los Angeles Lakers

Click to comment

More Sports

NSC Hails Junior D’Tigress On Winning Start At FIBA U19 Women’s World Cup

The National Sports Commission (NSC) has congratulated the Junior D’Tigress of Nigeria for their remarkable start to the FIBA U19 Women’s Basketball World Cup in Czech Republic.

The Nigerian U19 Women’s Basketball Team secured a thrilling 93-88 victory over China in their opening group match.

Despite trailing 44-38 at halftime, the Nigerian girls mounted a spirited comeback in the second half, showcasing resilience, skill, and heart.

NSC Chairman, Mallam Shehu Dikko, hailed the performance as a “victory of belief and preparation,” commending the athletes for making the nation proud on the global stage.

“This victory is not just a win on the court—it is a statement of what Nigerian sports can achieve with focus, teamwork, and the right support. Our J’Tigress U19 girls have demonstrated courage and resilience, and we are extremely proud of them,” said Mallam Shehu Dikko.

Furthermore, Director General of the National Sports Commission, Hon. Bukola Olopade, praised the team’s fighting spirit and discipline:

“Today’s triumph is a testament to the growing strength of women’s basketball in Nigeria. The composure, technical discipline, and collective effort from the players and coaching crew speak volumes. We salute the J’Tigress and assure them of our full support as they progress in the tournament.”

The standout performer of the day, rising basketball star Nora Ezike, delivered an electrifying performance with 25 points—16 of them in the decisive fourth quarter—to help seal the memorable win for Nigeria.

The NSC extends its congratulations to the team, coaching staff, and all stakeholders involved in this success, encouraging Nigerians at home and in the diaspora to continue supporting the team as they aim for further glory at the World Cup.

Post Views: 18

More Sports

Nigeria’s Valentine Chiemelie Thinks Big Ahead CAA Athletics Championship

A dominant figure in Team Nigeria to the Confederation of Africa Athletics U-18/U-20 Championship, Valentine Chiemelie, on Saturday, expressed happiness in representing Nigeria at the event.

He made his feelings known in an exclusive interview with your authoritative and award-winning news channel, FIRST ZEALMEDIACAST BLOG’S Oluwatobiloba Zeal-Adepetu Kumoye.

He stated that this is his first time representing Nigeria, and he will do everything within his power to make it count.

The terrific javelinist made his presence felt in Shagamu, during the National Trials and is very confident he can make it happen again, at the Rock City, Abeokuta, Ogun State during the championship.

“I’m happy to be representing Nigeria on the continental stage, I’m a bit nervous, it’s my first dawning the colours of my country, but I will make my presence felt,” he said.

He emphasized that he had begun training for this moment, immediately after the MTN Championship Grand Finale Season 3.

“I’ve been training for the trials for a time, after I came back from the MTN Championship Grand Finale Season 3, which I had my javelin throw there and I won a bronze medal, I was so excited and very happy, and then I started training for the National Trials, although not intensely, I thank God that I made it in this trials, God has been my backbone all the way,” Valentine stated.

He commended the Athletics Federation of Nigeria, (AFN) and the Nigeria Sports Commission, (NSC), for the pre-championship camping, stressing that it has been a platform for athletes to sharpen their skills.

He went on to add that the camp has been a memorable one for him as athletes have been given the best from feeding to accommodation.

“The camp is going great, the accommodation is excellent, the feeding is great, training has been exceptional,” he added.

Over 700 athletes will be participating in the age grade competition, slated for July 16-20, 2025.

Post Views: 78

More Sports

Wrestling: Lt Col Okou Urges Customs Comptroller General To Run For NWF Presidential Election

An International Wrestling referee, Lieutenant Colonel Okou Femedein Timipre, has called on the Comptroller General of Nigeria Customs Service, Bashir Adewale Adeniyi MFR to present himself as the Armed Forces, Police and Paramilitary constituency’s presidential candidate ahead of the Nigeria Wrestling Federation Elections

The call became imperative considering the Customs Boss’ antecedents to sports development, particularly Wrestling

Lt Col Okou, in a statement issued out said relatively Comptroller Adeniyi, has shown distinctive attributes and characteristics, indicating how well he satisfies requirements and expectations

Lieutenant Colonel Okou, who is a member of the World Military Sports Science Commission, maintained that the impeccable contribution of CG Adeniyi to the development of wrestling is unmatched

Pleading on behalf of the Armed Forces, Police and Paramilitary constituency for the candidature of CG Adeniyi as President of Nigeria Wrestling Federation

Equally, Dr. Okou urged President Daniel Igali, Board Members, and the Nigeria Wrestling Stakeholders to accept Adeniyi’s candidature from his constituency, who has contributed immensely to the growth of the sport

Okou acknowledged that the Wrestling Federation needs a successor who has the capacity to continue the developmental policies under the leadership of honourable Daniel Igali while maintaining the standards the Wrestling Federation has attained globally.

Lieutenant Colonel Okou Femedein Timipre stressed that with the collaborative support of every stakeholder, the Nigeria Wrestling Federation has the potential to win world and Olympic gold under CG Adeniyi, adding that the current NWF Board led by Daniel Igali has laid salient foundation to consolidate upon.

Post Views: 78