A significant shift is underway within one of the most prestigious sports franchises globally. The Los Angeles Lakers, a team synonymous with basketball legends such as Kareem Abdul Jabbar, Magic Johnson, Kobe Bryant, and LeBron James, is transitioning to new ownership. The Buss family, custodians of the team's legacy since 1979, has elected to sell the franchise to Mark Walter, a minority shareholder and CEO of the influential conglomerate TWG Global. The deal, valued at a staggering $10 billion (approximately €8.7 billion), marks one of the largest transactions in global sports history.

The news of this sale was first reported by Shams Charania, a seasoned NBA journalist with ESPN Insider, who cited sources closely linked to the deal. As of now, neither the Lakers nor TWG Global have officially confirmed the sale. Charania reports that Jeanie Buss, daughter of the late Jerry Buss, who passed away in 2013, will oversee the transaction and facilitate the transition to Walter, who has maintained a minority stake in the franchise for the past four years. Buss will retain her role on the NBA's board of governors, as corroborated by the same sources.

Mark Walter represents not just a new face at the helm of the Lakers, but a figure emblematic of modern sports' global reach, where teams extend beyond local fame to become household names worldwide. This philosophy underpins TWG Global's acquisition strategy, which includes assets such as the Los Angeles Dodgers, the reigning champions of American baseball; Chelsea FC in England; and the Cadillac Formula 1 team. The consortium also oversees the Los Angeles Sparks of the WNBA, a professional women's hockey league, and the Billie Jean King Cup, a prominent women's tennis tournament.

TWG Global's influence spans beyond sports and entertainment into the financial sector, courtesy of its investment firm Guggenheim, and into technology with ventures in various artificial intelligence companies. The conglomerate also holds a partnership with the controversial Palantir, a data and surveillance powerhouse on Wall Street.

This transaction signals a fresh chapter for the Lakers, initially acquired by Jerry Buss from Jack Kent Cooke in 1979. Cooke, a businessman who amassed wealth through Toronto's radio industry, later invested in sports teams, including the Lakers, who relocated from Minneapolis to Los Angeles in 1960. Cooke was instrumental in recruiting Kareem Abdul Jabbar and leading the team to seven finals, clinching the championship in 1972. Today, the Lakers boast 17 championships.

The Lakers franchise, as we know it today, was sculpted by Jerry Buss, who purchased the team from Cooke for a mere $67.5 million—a deal that also included the Kings hockey team and the Forum arena, home to both teams for years. Buss, a chemist turned real estate mogul, intertwined the team with Hollywood glamour and celebrity charm both on and off the court. His leadership attracted figures like Jerry West, Pat Riley, and Phil Jackson, and forged the dynasty that saw Kobe Bryant, Shaquille O'Neal, and Pau Gasol don the iconic yellow jersey. Under Buss's stewardship, the Lakers secured 11 championships, asserting their dominance in the NBA since 1980.

This Wednesday's transaction dwarfs previous significant sports franchise sales, including the Celtics, the Lakers' fierce rivals, sold for $6.1 billion in what was the largest transaction within the NBA and American sports. That sale outpaced the Commanders of Washington, sold for $6.05 billion. Furthermore, the Lakers deal eclipses the sale of Formula 1, which Bernie Ecclestone parted with for $8 billion.