Pumas

Lakers​ Sold for Record-Breaking $10 Billion

the NBA board of⁤ Governors ‌has ‌unanimously approved the sale of the Los Angeles Lakers⁣ to ⁢Mark Walter, CEO⁤ of investment group TWG Global, for a historic $10 billion. This transaction marks the highest ‍price ever paid for a controlling stake in a team sports franchise,surpassing all ‍previous records. Despite this valuation, Forbes estimates the Golden State Warriors currently hold the position of the NBA’s most ⁣valuable team.

The agreement, initially reached in June, sees Walter as the lead owner, with Todd Boehly joining as a minority partner. The Buss​ family will retain approximately‌ 15% ownership ⁣of the Lakers, and Jeanie Buss⁣ will continue to serve ​as the club’s governor.

Walter and Boehly previously‍ acquired a 27% stake in the Lakers. In 2021, Phil Anschutz held stock in the team, valuing it at $5.5 billion, and possessed the right of⁤ first refusal on any further shares – a right that was⁢ transferred⁢ as part of this latest deal.

This sale eclipses the previous ⁢record set by the Boston Celtics, whose deal closed in August with an initial valuation of $6.1 billion and a combined valuation approaching $6.5​ billion.

The Lakers, a ⁤prominent brand in the Los Angeles market, have a rich⁤ history dating back to Jerry Buss’s acquisition of ​the⁣ franchise from Jack Kent⁢ Cooke in 1979‌ for $67.5⁤ million. That ​transaction also included the los Angeles ‌Kings and the Great Western Forum in Inglewood, California.

The ‌Lakers generated an estimated $618 ​million in revenue last season,net of income distribution. While the sale price is $10 billion, ⁢some U.S. bankers, according to Forbes, suggest​ a combined valuation – factoring⁢ in Walter’s initial 2021 investment‍ – between $8 billion and $9 billion may more accurately reflect the franchise’s true worth.

Walter also holds a majority ​ownership ‌stake in ⁣the Los Angeles Dodgers (MLB), with Boehly as a​ partner. The⁢ two ‌are also co-owners of the Los Angeles⁤ Sparks ‍(WNBA) and partnered with Clearlake Capital to purchase Chelsea FC in 2022 for $3.16 billion. Walter is ⁢the co-founder and CEO of Guggenheim Partners, where Boehly previously worked.