The Bus Family’s iconic run as owner of the Los Angeles Lakers will end in 46 years. Mark Walter, CEO of holding company TWG Global, will acquire a majority stake after the deal is agreed for about $10 billion.
This makes the deal the highest valuation of sports franchise in world history. Currently, Ginny’s buses are expected to continue to serve as team governor. ESPN’s Shams Charania first reported.
The Bus Family performed well in this deal. Jerry Buss bought the Lakers from Jack Kent Cooke in 1979 for $67.5 million. The acquisition includes the Los Angeles Kings and the Old Arena of the Los Angeles Forum.
Jerry died in 2013, with Jeanie serving as governor. The Lakers won 11 of 17 titles throughout their term of ownership of the bus. Magic Johnson, Kareem Abdul-Jabbar, Shaquille O’Neal, Kobe Bryant and LeBron James are just some great names that decorate purple and gold in the process.
Pat Riley and Phil Jackson were the most memorable head coaches of the game.
The acquisition further adds Walter’s amazing sports ownership portfolio. Bets outside the Lakers include the Los Angeles Dodgers and Sparks, the Billie Jean Cup (Women’s International Tennis Championship), the Cadillac Formula One team and the Pro Women’s Hockey League.
Walter was a Lakers stakeholder for the first time in 2021.
What does the Lakers say about the NBA landscape?
The Boston Celtics also agreed to make sales within last year. This makes the most iconic NBA franchise solid in a very short time.
People can’t help but look at the landscape and feel that the owners think it’s as good as these team values. A $76 billion broadcast rights agreement was reached a year ago. The collective bargaining agreement also changed, which brought significant luxury tax penalties through a second apron.
At least relative to their first purchase, some people have to think it will only start to go downhill from here. Buyers willing to meet these high prices also show that demand is healthy enough.
Lakers fans may feel the expense that Walter’s team and the Dodgers show. If this is a sign of what is about to happen, the competition for the final award still seems to be a top priority.
