LOS ANGELES, United States (AFP) — The Los Angeles Lakers are being sold in a record-breaking $10 billion deal that makes the iconic franchise the highest-valued sports team in United States (US) history, ESPN reported Wednesday.

The report said the Lakers owners, the Buss family, would sell their controlling interest in the team to billionaire Mark Walter, who already owns a minority stake in the franchise.

While Jeanie Buss would continue as Lakers governor, the deal ends the Buss family’s 46-year reign over the NBA giants.

Walter is the chief executive of holding company TWG Global which has built an impressive portfolio of professional sports teams, including the Los Angeles Dodgers and Los Angeles Sparks. He is also part of the ownership group of English Premier League side Chelsea.

TWG also owns the Billie Jean King Cup tennis tournament and the Cadillac Formula One team.

While further specifics of the deal were not disclosed, Lakers legend Earvin “Magic” Johnson — a business partner of Walter — was among the first to react to news of the agreement.

“Laker fans should be ecstatic,” Johnson wrote on X.

“A few things I can tell you about Mark — he is driven by winning, excellence, and doing everything the right way. And he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike.”

– ‘The best choice’ –
Johnson cited Walter’s ownership of the Dodgers baseball team as a reason for optimism.

The Dodgers have won the World Series twice since Walter’s ownership group took over the club, and in recent years have adopted an aggressive recruitment strategy that has seen them sign some of the sport’s best talent, including Japanese superstar Shohei Ohtani on a 10-year, $700 million deal.

“Mark is the best choice and will be the best caretaker of the Laker brand,” Johnson wrote. “The proof is in the pudding on what he’s been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner.”

The Buss family selling the Lakers marks the end of an era in the NBA, whose modern popularity owes much to the franchise’s 1980s heyday.

The Lakers were bought in 1979 by charismatic tycoon Jerry Buss, who quickly helped turn the franchise into a sporting powerhouse as well as a globally recognised brand.

The Buss era brought the Lakers 11 NBA championships — more than any other team over the same period — and encompassed golden ages which included the “Showtime” Lakers of Magic Johnson as well as a hat-trick of championships between 2000 and 2002 when the team was spearheaded by Kobe Bryant.

More recently the team recruited superstar LeBron James, who led the Lakers to a 17th championship in 2020, and stunned the league earlier this after swooping for Dallas Mavericks star Luka Doncic.

Walter has been a minority owner of the Lakers since 2021 when he bought a share in a deal which also gave him first refusal to purchase the club should the Buss family ever decide to sell.

The sale of the club smashes the previous highest figure paid for a US sports team, the $6.1 billion paid for the Boston Celtics earlier this year.

That Celtics sale eclipsed the $6.05 billion that Josh Harris paid for the Washington Commanders in 2023.