The report said the team’s owners, the Buss family, would sell their controlling interest 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,” he added.
“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.”
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.
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 US$6.1 billion paid for the Boston Celtics earlier this year.
That Celtics sale eclipsed the US$6.05 billion that Josh Harris paid for the Washington Commanders in 2023. (AFP)