NBA: Historic sale of the Lakers is finalized

The Buss family has reached an agreement with Mark Walter, CEO of the TWG Global consortium, to sell him a majority stake in the NBA's Los Angeles Lakers.

The transaction values ​​the franchise at $10 billion, representing the largest sale ever for a professional sports entity in the United States.

This amount is 64 percent higher than the previous highest sale, which took place last March, when the Boston Celtics were acquired for $6.1 billion.

The Grousbeck family has owned the Celtics since 2002, while the Buss family has owned the Lakers since 1979, when Jerry Buss purchased the team for $67.5 million.

The deal ends more than four decades of management by the Buss family, the Lakers. Under them, the franchise won 11 championships, more than any other team since 1985.

In 2013, following Jerry Buss's death, control of the team passed to his children, with Jeanie Buss as the organization's main figure. A source close to the deal indicated that Jeanie will continue as the team's governor.

Mark Walter, who held a 27 percent stake since 2021, also received a right of first refusal to acquire a majority stake in the team in the event of a future sale.

The businessman is president of TWG Global, an investment firm with capital in various sports organizations, including the Los Angeles Dodgers in Major League Baseball, the WNBA's Sparks, and the Cadillac Formula 1 team.

He also has interests in Chelsea, the English Premier League, the Billie Jean King Cup, tennis, and the Women's Professional Hockey League.

He also held a minority stake in the Lakers since 2021.

The purchase of the Lakers follows other notable recent NBA deals. Mark Cuban sold a majority stake in the Mavericks for $3.5 billion, while the Celtics changed hands in March.

The new phase begins with the agreement, which has yet to be officially confirmed by the parties involved. Neither party has specified the exact percentage acquired by Walter.

The agreement marks a new era for the Los Angeles franchise.— AP and EFE