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5 hours ago
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Hall of Famer Earvin "Magic" Johnson couldn't contain his excitement on Wednesday when news broke that the Los Angeles Lakers were being sold for $10 billion in one of the largest sports purchases in history.
The Buss family is selling majority ownership of the franchise to the CEO and chairman of TWG Global, Mark Walter, who's also the primary owner and chairman of the Los Angeles Dodgers. ESPN's Shams Charania initially reported the agreement with Walter, who currently owns a minority stake in the Lakers.
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The deal comes just a few months after the Boston Celtics were sold for a then-record $6.05 billion. Johnson tweeted alongside the news: "Just like I thought, when the Celtics sold for $6B, I knew the Lakers were worth $10B!"
Johnson, who's part of the Dodgers ownership group alongside Walter, continued to rave about the purchase on X, writing that "Laker fans should be [ecstatic].
"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 - they are competitive people, [sic] have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world. I am so so SO happy and excited for @Lakers fans all over the world!"
In another post, Johnson praised Jeanie Buss, noting that the Lakers president entrusted the legendary franchise to the right person in Walter.
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"I know that my sister Jeanie would have only considered selling the Lakers organization to someone she knows and trusts would carry on the Buss legacy, started by her father Dr. Buss. Now she can comfortably pass the baton to Mark Walter, with whom she has a real friendship and can trust," Johnson wrote.
"She’s witnessed him build a winning team with the Dodgers and knows that Mark will do right by the Lakers team, organization, and fans! Both are extremely intelligent, visionaries, great leaders, and have positively impacted the greater Los Angeles community! I love both my sister @JeanieBuss and my business partner Mark Walter."
Jerry Buss purchased the Lakers for $67.5 million in 1979. Under the Buss family's ownership, the Lakers won 11 of their 17 titles. After Buss' death in 2013, Jeanie took over as Lakers governor.
While Walter will own the majority of the franchise, the Buss family will retain a minority stake, while Jeanie will remain as the governor of the Lakers. In addition to the Dodgers, Walter's business portfolio includes stakes in the Los Angeles Sparks (WNBA), Andretti Global (racing) and soccer clubs Chelsea FC and RC Strasbourg.
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