According to the Telegraph, Chelsea co-owner Mark Walter will acquire the Los Angeles Lakers for US$10 billion (£7.45 billion), setting a record for the world's most expensive sports acquisition. The Los Angeles Lakers will become the most expen...
According to the Telegraph, Chelsea co-owner Mark Walter will acquire the Los Angeles Lakers for US$10 billion (£7.45 billion), setting a record for the world's most expensive sports acquisition.
The Los Angeles Lakers will become the most expensive sports team in history at a valuation of $10 billion (£7.5 billion), after a deal has been reached to sell the team's controlling stake to TWG Global CEO Mark Walter.
The Bass family, who owned the Los Angeles Lakers since 1979, has reached an agreement to sell the team to Walter. Walter also owns a controlling stake in the Los Angeles Dodgers baseball team and is one of the consortiums owning the Chelsea club.
Walter has been a shareholder of the Lakers since 2021, when he acquired 20% of the Lakers. He was successful while in charge of the Dodgers, which won World Series titles last year and 2020.
The Lakers easily surpassed the Celtics. The Celtics sold for $6.1 billion (£4.6 billion) earlier this year, setting a record for the highest transaction price for American sports teams at the time.
The Lakers are one of the most well-known teams in basketball and the team played for LeBron James. James won his fourth NBA championship in his solo career with the team in 2020. Earlier this year, the Lakers and Mavericks completed a heavy deal involving Doncic, sending Anthony Davis to the opponent. Jerry Bass, who bought the team for $67.5 million 46 years ago, passed away in 2013 and passed the Lakers ownership to his six children through a trust. The family controls 66% of the team's shares, but the trust terms reportedly require that all six children have to agree on any potential sale.
Jenny Buss, who serves as the Lakers' operations president, is expected to retain his position under the new ownership structure. It is understood that when Walter first invested in 2021, he was given the option to become a controlling shareholder when conditions are ripe.
Walter and investment partner Todd Burley have co-founded the holding company BlueCo, which controls Chelsea and Strasbourg Football Club. Walter also holds a stake in the Los Angeles Sparks women’s basketball team, owns the top women’s hockey league in the United States, and several motorsport teams including Cadillac, which will compete in Formula One next year.
