The NBA’s Los Angeles Lakers just made sports history. Jeanie Buss and her family, who’ve owned the team since 1979, are selling majority control to billionaire investor Mark Walter in a deal valuing the franchise at $10 billion.
That’s the highest price ever paid for a sports team, beating out the Boston Celtics’ $6.1 billion sale in March.
Guggenheim Partners CEO Walter already owned 27% of the Lakers. He also holds stakes in the MLB’s Los Angeles Dodgers, WNBA’s Los Angeles Sparks, the Premier League’s Chelsea FC, and Cadillac’s F1 team.
Under the Buss era, the Lakers won 11 titles and became global icons. The team just traded for Luka Doncic, pairing him with LeBron James, as they aim for another championship.
The deal also comes as the NBA’s $77 billion media rights package pushes franchise values sky-high.