Los Angeles Lakers: Owners confirm sale of NBA team – record deal

The record-breaking sale of the Los Angeles Lakers of the NBA to billionaire Mark Walter is expected to close this year. The Buss family, including Lakers President Jeanie Buss and Walter, confirmed the mega-deal in a statement released Wednesday.

The Lakers, led by superstar LeBron James, are expected to change hands for around ten billion US dollars (8.7 billion euros). Never before has more money been paid for a franchise in US sports or any other club in the world.

Walter "has agreed with the Buss Family Trust to acquire a majority stake in the Los Angeles Lakers," it said. Jeanie Buss will retain her position with the franchise "and manage the team's day-to-day operations for the foreseeable future."

In sports, Walter already owns shares in the Los Angeles Dodgers (baseball), the Los Angeles Sparks (women's basketball), and the future Formula 1 team Cadillac, among others. Walter also already owns a minority stake in the Lakers.

"I've gotten to know Mark very well over time and was pleased to learn that he shares the same values," said Jeanie Buss. "Over the past four years, Mark has been an excellent partner for us, and we are excited to continue working with him to continue the Lakers' extraordinary legacy."

The Lakers have been owned by the Buss family since 1979. At that time, Jerry Buss bought the franchise from Jack Kent Cooke for $67.5 million and also acquired, among other things, the NHL's Los Angeles Kings.

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