The NBA world obtained large information on Wednesday, when ESPN reported that the Buss household had agreed to promote majority possession of the Los Angeles Lakers to Mark Walter, who’s the CEO and chairman of TWG World. The Buss household belief owns 66% of the workforce, and has owned the Lakers since 1979. Jeanie Buss will reportedly retain her function because the workforce’s governor after the sale, a place she’s held since Dr. Jerry Buss, her father, handed away in 2013. 

The Lakers are the most important model within the NBA, and the reported value of the deal is a document $10 billion. They’ve received a complete of 17 championships, with 11 coming because the Buss household took over. NBA legend Magic Johnson was a member of 5 of these championships, and he is enthusiastic about this large transaction. 

Johnson is aware of that Walter has expertise constructing and sustaining profitable franchises. Not solely is Walter an element proprietor of the WNBA’s Los Angeles Sparks, however he additionally bought the MLB’s Los Angeles Dodgers in 2012. Since then, the Dodgers have received two World Collection whereas being aggressive in managing their roster. Johnson, who can also be a part-owner of the Dodgers, launched an announcement on social media Wednesday congratulating the Buss household and Walter:

“Job effectively finished to my sister Jeanie Buss for putting an unimaginable deal and selecting the correct particular person to hold on the Lakers legacy and custom of profitable – Mark Walter, my enterprise companion and buddy! Mark Walter is your best option and would be the finest caretaker of the Laker model. The proof is within the pudding on what he is been in a position to accomplish with the LA Dodgers. Mark has been nothing wanting a winner notching 2 World Collection and 11 NL West divisional titles within the final 12 years!

“Laker followers must be estatic. Just a few issues I can inform you about Mark – he’s pushed by profitable, excellence, and doing the whole lot the precise approach. AND he’ll put within the assets wanted to win! I can perceive why Jeanie offered the workforce to Mark Walter as a result of they’re simply alike – they’re aggressive individuals, l have massive hearts, love to provide again, and each favor to be behind the scenes. This makes all of the sense on the planet. I’m so so SO glad and excited for Lakers followers all around the world!!”

Later, Johnson mentioned he spoke to Buss to congratulate her and inform her that her father can be proud. 

He additionally made certain to fireside a fast shot over on the rival Boston Celtics, who offered earlier this 12 months for $6.1 billion. 

“Similar to I believed, when the Celtics offered for $6B, I knew the Lakers had been value $10B!” Johnson mentioned.

The Lakers had been bought from Jack Kent Cooke in 1979 for $67.5 million. Now value $10 billion, this can grow to be the biggest sale in U.S. sports activities historical past. 

Simply two different franchises in North American sports activities have been offered for $6 billion: The Celtics ($6.1 billion) and the NFL’s Washington Commanders had been offered for $6.05 billion in 2023.