- Walter and Boehly also acquire right of first refusal if Buss family sells majority stake, according to Sportico
- Report adds that deal could close in early July
- San Antonio Spurs and Golden State Warriors have also sold minority stakes in recent times
American billionaire Philip Anschutz has sold his 27 per cent stake in the Los Angeles Lakers to Los Angeles Dodgers owners Mark Walter and Todd Boehly, according to Sportico.
The sports business news outlet reports that the sale values the National Basketball Association (NBA) franchise at US$5 billion, meaning Walter and Boehly paid approximately US$1.35 billion to acquire the stake.
Anschutz’s shares granted him the right of first refusal in the event that the Buss family decided to sell its majority stake. Sportico’s report said that right has also transferred to Walter and Boehly.
The deal still requires approval from the NBA’s board of governors, according to Sportico, which added that the transaction may close in early July.
In addition to LA’s Major League Baseball (MLB) team, Walter and Boehly are also part of the group that owns the Los Angeles Sparks Women’s National Basketball Association (WNBA) franchise.
Anschutz runs the Anschutz Entertainment Group (AEG), which owns and operates the Lakers’ Staples Center home, as well as Major League Soccer’s (MLS) Los Angeles Galaxy and the Los Angeles Kings of the National Hockey League (NHL).
The Lakers, who won their 17th NBA championship last year, were valued at US$5.14 billion in Sportico’s list of NBA franchise valuations, behind only the Golden State Warriors and New York Knicks.
The Lakers are also the latest NBA team to sell a minority stake. The deal comes around a week after San Francisco-based firm Sixth Street and US billionaire Michael Dell invested in the San Antonio Spurs. Meanwhile, in April, it was reported that the Warriors had sold a five per cent stake to private equity group Arctos Sports Partners.
