• by Wayne Friedman , Yesterday

A majority stake in high-profile NBA team and brand the Los Angeles Lakers has been sold at an eye-popping $10 billion valuation -- a record for a professional sports team.

The Buss family sold its stake to Mark Walter, CEO of TWG Global, an investment holding company focused on AI and technology as well as sports, media and entertainment. ESPN first broke the news.

The deal blows past the previous record deal for the NBA's Boston Celtics -- sold for $6 billion valuation earlier this year.

Walter already has significant stakes in Major League Baseball's Los Angeles Dodgers, WNBA's Los Angeles Sparks team, as well as the Cadillac-brand (F1) Formula 1 team, among other assets.

The Los Angeles Lakers have a number of significant brand sponsorship deals, including a five-year, $100 million jersey patch agreement with Bibigo. Other key partners include American Express, MGM Grand, Chevron, and Delta Airlines.

The team's local media partners include Spectrum SportsNet, ESPN Deportes.

It also has a radio deal with ESPN. The Spectrum deal is valued at estimated $200 million a year.

In October, 2024, Forbes calculated that the Lakers had a $1.2 billion "brand" value -- 16% of the team's overall franchise value estimation of $7.1 billion. In the 2022-23 season, Forbes estimates the team pulled in $522 million in revenue with operating income of $199 million.