Latest news with #SportsOwnership
Yahoo
02-07-2025
- Business
- Yahoo
When $10 billion Lakers sale is expected to close
The post When $10 billion Lakers sale is expected to close appeared first on ClutchPoints. The $10 billion sale of the Los Angeles Lakers to businessman Mark Walter is expected to close in the third or fourth quarter of this year, according to the Associated Press. The transaction marks the most expensive franchise sale in sports history and ends the Buss family's controlling ownership of the team after 46 years. Advertisement In a joint statement released Wednesday, the parties confirmed that Jeanie Buss will remain in her role as team governor and continue to oversee day-to-day operations 'for the foreseeable future.' The arrangement maintains a level of organizational continuity while ushering in a new financial era under Walter, who has been a minority owner of the team since 2021. The Buss family has held a controlling interest in the Lakers since 1979, when the late Dr. Jerry Buss purchased the franchise. Under his leadership and later under Jeanie Buss, the Lakers won 11 NBA championships and became one of the most recognizable brands in global sports. 'From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning — relentlessly — and to doing so with passion and with style,' Jeanie Buss said in the statement. Mark Walter's sports portfolio and shared values position Lakers for a new era of ownership She praised Walter's alignment with the franchise's core values and described him as an 'excellent partner' over the past four years. Advertisement Walter is the chairman and CEO of TWG Global, a diversified holding company with investments across multiple professional sports. His portfolio includes ownership stakes in the MLB's Los Angeles Dodgers, the WNBA's Los Angeles Sparks, the Professional Women's Hockey League, the Billie Jean King Cup, and the Cadillac Formula 1 team. Walter expressed admiration for the Lakers' legacy, citing the team's historic standard of excellence and widespread cultural influence. 'The Lakers have long been one of the most iconic franchises in sports,' Walter said. 'Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys.' The $10 billion valuation exceeds previous records for franchise sales, including the Boston Celtics' $6.1 billion deal earlier this year. The sale also comes at a transitional moment for the Lakers, who were eliminated in the first round of the 2025 NBA Playoffs and face a critical offseason as they build around Luka Doncic and await a decision from 40-year-old LeBron James. Advertisement With the transaction expected to finalize later this year, the Lakers are poised to enter a new chapter of ownership while maintaining ties to their historic past through Jeanie Buss' continued involvement. Related: Dwyane Wade gets brutally honest on Heat GOAT debate with LeBron James Related: Jeanie Buss breaks silence on Lakers' franchise sale
RNZ News
25-06-2025
- Business
- RNZ News
LA Lakers confirm sale of majority stake in franchise to Mark Walter
Los Angeles Lakers Forward LeBron James. Photo: Icon Sportswire / PHOTOSPORT The Buss family have agreed to sell a majority stake in the Los Angeles Lakers to TWG Global chief executive Mark Walter, the two parties confirmed on Wednesday (US time), while adding that Jeanie Buss will remain governor of the storied NBA franchise. Financial terms of the deal were not disclosed but when the news was first reported last week it said the agreement valued the 17-times NBA champion Lakers at US$10 billion (NZ$16b) , making it the largest-ever sale of a professional sports team. Walter, who has ownership interests in several professional sports teams including MLB's Los Angeles Dodgers and the WNBA's Los Angeles Sparks, has been a minority owner of the Lakers since 2021. "From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning relentlessly and to doing so with passion and with style," Buss said in a news release. "I have gotten to know Mark very well over time and been delighted to learn how he shares those same values." The sale is expected to close in the third or fourth quarter of 2025, subject to customary closing conditions including obtaining NBA approval, the two parties said. The late Jerry Buss purchased the Lakers in 1979 and turned the team into one of the world's most popular sports franchises, winning five championships during their now-iconic "Showtime" era in the 1980s. Through the years the Lakers' rosters have featured world-famous talents such as Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, Shaquille O'Neal and LeBron James. Jeanie Buss, who took over as principal owner after her father Jerry died in 2013 and became one of the most powerful women in sport, will oversee all team operations on a day-to-day basis for the foreseeable future. "Since Dr Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys," said Walter. "I admire what he, Jeanie and the Buss family have built, and I know how much this special organization matters to Southern Californians and to sports fans everywhere. "I also have tremendous respect for Jeanie's continued commitment to maintaining the Lakers' long-term vision and elite status, and I'm excited to work with her on the next era." -Reuters
Washington Post
25-06-2025
- Business
- Washington Post
Mark Walter and Lakers say sale of the team is expected to close later this year
Businessman Mark Walter's acquisition of the majority ownership stake of the Los Angeles Lakers, in a deal that puts the franchise valuation at $10 billion, is expected to close in the third or fourth quarter of this year. In a statement Wednesday, the sides confirmed that Jeanie Buss — whose family has had control of the Lakers for 46 years — will remain governor of the team and 'continue to oversee all team operations on a day-to-day basis for the foreseeable future.'
Al Arabiya
23-06-2025
- Business
- Al Arabiya
Jets Owner Woody Johnson Buys 43% Stake in English Soccer Club Crystal Palace
New York Jets owner Woody Johnson is finally set to get his hands on an English soccer team. Premier League side Crystal Palace announced on Monday that Johnson has signed a legally binding contract to buy the shares of fellow American John Textor, who has a 43 percent stake in the London club. Reports have placed the price between $220 million and $260 million. 'While the completion is pending approval from the Premier League and Women's Super League, we do not envisage any issues and look forward to welcoming Woody as a partner and director of the club,' Palace said in a statement. 'We would like to go on record to thank John Textor for his contribution over the past four years and wish him every success for the future.' Johnson submitted a bid to buy Chelsea in 2022 but was unsuccessful. The sale of Textor's shares boosts Palace's hopes of playing in the Europa League next season, having qualified thanks to its FA Cup final victory over Manchester City last month. Textor is also a shareholder in French side Lyon, which is set to enter the same competition, and under UEFA multi-club ownership rules it looked as if Palace could miss out.
Washington Post
23-06-2025
- Business
- Washington Post
Jets owner Woody Johnson buys 43% stake in English soccer club Crystal Palace
LONDON — New York Jets owner Woody Johnson is finally set to get his hands on an English soccer team. Premier League side Crystal Palace announced on Monday that Johnson has signed 'a legally binding contract' to buy the shares of fellow American John Textor, who has a 43% stake in the London club. Reports have placed the price between $220 million and $260 million. 'Whilst the completion is pending approval from the Premier League and Women's Super League, we do not envisage any issues and look forward to welcoming Woody as a partner and director of the club,' Palace said in a statement . 'We would like to go on record to thank John Textor for his contribution over the past four years and wish him every success for the future.' Johnson submitted a bid to buy Chelsea in 2022 but was unsuccessful. The sale of Textor's shares boosts Palace's hopes of playing in the Europa League next season, having qualified thanks to its FA Cup final victory over Manchester City last month. Textor is also a shareholder in French side Lyon, which is set to enter the same competition, and under UEFA multi-club ownership rules, it looked as if Palace could miss out. ___ AP soccer:
