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LOS ANGELES, United States: 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 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.”
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 recognized 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.

PHILADELPHIA: Manchester City began their Club World Cup campaign with a comfortable 2-0 victory over Morocco’s Wydad Casablanca in their Group G opener on Wednesday, courtesy of first-half goals from Phil Foden and Jeremy Doku.

Manager Pep Guardiola opted to start with several key players on the bench, including Erling Haaland, Rodri, Ruben Dias, Bernardo Silva, Josko Gvardiol and John Stones for what was a sweltering midday kickoff at Philadelphia’s Lincoln Financial Field.

Despite fielding a second-string side, City needed less than two minutes to break the deadlock.

Phil Foden pounced after Savinho’s cross was parried by Wydad goalkeeper Mehdi Benabid, with the England midfielder striking a first-time effort into the net to hand City an early lead.

City doubled their advantage three minutes before halftime when Foden delivered a pinpoint corner and Jeremy Doku caught the Wydad defense napping to volley home at the far post.

City finished with 10 men after Rico Lewis was given a straight red card for a nasty studs-up sliding tackle on Samuel Obeng in the 88th minute.

Wydad, undeterred after conceding the early goal, showed resilience and threatened on the counter-attack and forward Cassius Mailula nearly equalized with an audacious lob from midfield in the 15th minute.

Moments later, Mohamed Moufid set up Thembinkosi Lorch with a low cross, but the South African forward just failed to get there in time with a sliding effort.

City also had chances to extend their lead before halftime. Omar Marmoush saw his strike from the edge of the box sail just wide, while Nathan Ake’s towering header from a corner went inches over the bar.

At the other end, Wydad squandered a golden opportunity in the 30th minute when Vitor Reis’s misplaced pass gifted the ball to Lorch, only for Mailula’s follow-up shot to be smothered by City keeper Ederson.

After City doubled their lead before the break, the second half saw a dramatic drop in tempo under the scorching midday sun, though City went close to adding a third through Rayan Cherki.

The 21-year-old, signed from Olympique Lyonnais for 40 million euros ($46.06 million) ahead
of the tournament, unleashed a shot from the edge of the area, only for Benabid to produce a fine save.

The Moroccan keeper later denied substitute Haaland with a reflex save in a one-on-one.

City will now turn their attention to Sunday’s clash with United Arab Emirates side Al Ain, while Wydad face Juventus in their next Group G encounter.