Mark Walter seals $10B Lakers deal: Magic Johnson backs legacy continuation

Mark Walter has sealed a landmark $10 billion deal to acquire the majority stake in the Los Angeles Lakers, making it the most expensive sale of a U.S. sports team ever.

Walter, who has been a stakeholder since 2021, negotiated first right of refusal to purchase the team from the Buss family, who have owned the Lakers during their 11 NBA championships and 17 Finals appearances.

"Mark Walter is entering into an agreement to acquire additional interests in the NBA's Los Angeles Lakers, of which he has been a stakeholder since 2021," a spokesperson confirmed.

Lakers legend Magic Johnson, a former part-owner, praised the acquisition, stating fans should be excited about Walter's stewardship. Johnson highlighted Walter's successful ownership of the Los Angeles Dodgers, which culminated in a World Series victory.

"Fans should be ecstatic about the sale and that Mr Walter will carry on the team's legacy," Johnson said.

The $10 billion price tag notably exceeds Forbes' valuation of the Lakers at $7.1 billion, underscoring the franchise's immense value and Walter's commitment to maintaining its winning tradition.

Walter's broader holdings include TWG Global, which owns the Cadillac F1 team, reflecting his expansive sports investment portfolio.

This acquisition marks a new chapter for the Lakers, promising continuity of excellence under Walter's leadership.

Key stats:
- $10 billion purchase price
- Lakers valued at $7.1 billion by Forbes
- 11 NBA championships under Buss family
- 17 NBA Finals appearances

Mark Walter has finalized a historic $10 billion deal to acquire the majority stake in the Los Angeles Lakers, surpassing previous valuations. Lakers legend Magic Johnson endorses Walter, citing his successful ownership of the Dodgers and promising to continue the Lakers' championship legacy.