Global bombshell: the Lakers sold for the highest sum in sports history

The Los Angeles Lakers, led by LeBron James and Luka Doncic, one of the most famous sports teams in the world, will be sold for approximately $10 billion, in a record-breaking transaction in NBA history, according to ESPN television on Wednesday night.

The Buss family, the longtime owners of the Lakers , will cede its majority stake in the Los Angeles franchise to billionaire Mark Walter, who already owns a portion of the shares, according to information released by the American sports broadcaster. The deal would end 47 years of control of the Lakers by the Buss family, although current manager Jeanie Buss would remain as president, according to ESPN.

Mark Walter is the CEO of TWG Global, a holding company that has built an impressive portfolio of professional sports teams, including the reigning Major League Baseball champion Los Angeles Dodgers and the Los Angeles Sparks of the Women's Basketball Association (WNBA).

TWG also owns the Billie Jean King Cup for women's tennis and the Cadillac racing team, which is close to joining the Formula 1 World Championship grid, the premier class of motorsports.

The Buss family's loss of control over the Lakers, the NBA's most successful franchise alongside the Boston Celtics , will mark the end of an era in American sports. The Los Angeles team was acquired in 1979 by charismatic tycoon Jerry Buss, who quickly turned it into a sports powerhouse and a globally recognized brand.

The Buss era saw the Lakers win 11 titles , more than any other team in the same period, and encompassed golden eras such as the 1980s-era "Showtime" series led by Earvin "Magic" Johnson, as reflected in the recent HBO series "Winning Time."

"Mark is the best option and will be the best guardian of the Laker brand," said the 'Magic' himself on the social network X. "I know that my sister Jeanie (Buss) would only have considered selling the Lakers organization to someone she knew and trusted to continue the Buss legacy," said the former base, who is a minority partner of the Dodgers.

"Now he can confidently pass the baton to Mark Walter, with whom he has a true friendship and in whom he can trust," he added. "Both are extremely intelligent, visionary, great leaders, and have had a positive impact on the Greater Los Angeles community."

This century, the Lakers also won a triple championship between 2000 and 2002 under the leadership of the late Kobe Bryant. The last of the franchise's 17 rings came in 2020 with a roster now headlined by LeBron James, the team's current leader and star.

The Lakers have a very promising short-term future, as they have secured the succession of 40-year-old 'King James', having acquired the franchise's new icon, Slovenian Luka Doncic , this year.

Walter has been a minority owner of the Lakers since 2021, in a deal that gave him the right of first refusal should the Buss family decide to sell the club. The deal comes just months after the Celtics were also sold for approximately $6.1 billion , the league's all-time record.