In Video: Mark Medina discusses landmark sale of LA Lakers | Could other teams exceed $10bn valuation?

Lakers Smash Record with $10 Billion Sale

The Los Angeles Lakers have made history, shattering the record for the highest sale of a US sporting franchise after agreeing to a deal valued at $10 billion with co-owner Mark Walter. This monumental deal comes after Philip Anschutz sold his minority shares to Walter in 2021, and the franchise’s value skyrocketed following the acquisition of Luol Deng.

A New Era for the Lakers

In an exclusive interview, NBA expert Mark Medina discussed the deal, stating that the agreement is "all but official" and has been approved by a majority vote within the Bus family. Medina noted that the Bus family has owned the franchise since 1979, and it’s hard to believe it’s come to this point. Jeannie Bus, the daughter of Dr. Jerry Buss, had reportedly said in 2015 that the family would keep the franchise forever. However, the value of NBA franchises has skyrocketed in recent years, making it a deal too good to pass up.

Mark Walter’s Background

Walter, co-owner of Chelsea, also has a majority ownership group that owns the Los Angeles Dodgers. Medina believes that fans are excited about his commitment to spending in the organization, citing his success with the Dodgers. The Lakers, with 17 championships and a legacy of star power, have always been a family-owned business. While the Bus family was careful with their finances, Medina expects Walter to spend freely to attract top talent.

Fan Reaction

Fans are celebrating the deal, with appreciation for the Bus family’s ownership and their refusal to compromise on winning. Medina notes that the Lakers did not sell the franchise in its entirety, with the Bus family retaining minority shares and a stake in the arena’s management. The expectation is that the new ownership group will continue to prioritize spending on talent and staff.

The Future of Sports Franchises

Medina believes that the value of sports franchises will continue to rise, citing the NBA’s recent media rights deal valued at $75 billion for the next 11 years. While it’s difficult to compare figures across leagues, Medina notes that professional sports are a profitable commodity, driving wealthy owners to bid on franchises worldwide. How does this impact the NBA’s global reputation? Only time will tell.

Record-Breaking Figures

This deal eclipses the sale of the Boston Celtics, valued at around $5 billion in March. The Lakers’ iconic status, combined with their recent success, has made them the most valuable franchise in the NBA. Medina suggests that other franchises, like the New York Knicks or Golden State Warriors, could fetch even higher figures if sold. What implications will this have on the sports market in the United States and beyond?

Conclusion

The Los Angeles Lakers’ record-breaking sale marks a new era for the franchise. As the sports world witnesses this collaboration between the Bus family and Mark Walter, fans are eagerly anticipating the future of their beloved team. With the Lakers’ commitment to winning and the growing value of sports franchises, one thing is certain: this deal will have a lasting impact on the world of professional sports.