Lakers Majority Stake Sold to Mark Walter

The Bass Family, who have owned the Lakers for quite some time, has sold a majority stake in the iconic franchise to Mark Walter at a valuation of around $10 billion. This deal marks the highest amount ever paid to acquire a professional sports team in the United States.

Under the agreement, Mark Walter gets majority ownership, although Johnny Bass will continue his position as the governor of the Lakers.

Walter, who is the CEO and Chairman of TWG Global, a diversified holding company, is no stranger to professional sports. His portfolio also includes interests in teams like the Los Angeles Dodgers, Los Angeles Sparks, the Billy Jancup, the Cadillac Formula 1 team, and a professional women’s hockey league.

The $10 billion price tag represents a significant return on investment for the Bass family. Patriarch Jerry Bass purchased the Lakers from Jack Kent Cook for $67.5 million back in 1979, and this deal also encompasses the Los Angeles Kings and the LA Forum.

During Jerry Bass’ ownership, the franchise celebrated remarkable success, securing 10 championships before he passed away in 2013. After his death, ownership transitioned to his children, with Jeannie Bass taking on the governor role.

The sale has received the green light from basketball legend Earvin “Magic” Johnson, who has a longstanding relationship with the Bass family. Johnson, who is also part of Walter’s group, expressed his confidence in Walter’s leadership, emphasizing his commitment to excellence and victory. “You can see why Jeannie sold the team to Mark Walter,” Johnson noted, highlighting their competitive spirit and charitable inclinations.

This shift in ownership concludes the Bass family’s extensive majority rule of the Lakers, marking a significant milestone in the franchise’s NBA history.