TWG Global to acquire LA Lakers: Reports

Fresh from acquiring a stake in Mubadala Capital, TWG Global will reportedly acquire the LA Lakers for US$10 billion.

The Buss family will sell the majority ownership in the LA Lakers to TWG Global and retain a minority stake, according to multiple outlets.

The late Jerry Buss, who acquired the Lakers in 1979, paid US$67.5 million at the time.

His daughter, Jeanie Buss, will remain the Lakers' governor and continue to run the team for a few years, ESPN reports.

TWG Global's portfolio includes sports franchises already includes the LA Dodgers and Chelsea FC, as well as an existing stake in the LA Lakers.

In early May, TWG Global made a 5% investment Mubadala Capital, the sovereign wealth fund of Abu Dhabi.

Under the deal, Mubadala will anchor and lead a $15.6 billion (US$10bn) syndicated investment in TWG Global as part of a broader $23.4 billion (US$15bn) equity raise - proceeds of which will be used by TWG to "capitalise on its attractive set of proprietary investment opportunities."

In return, TWG will commit $4 billion (US$2.5bn) to Mubadala Capital's products and plans to increase commitments from itself and other partners and clients over time, up to $31 billion (US$20bn).

TWG Global chief executive and co-chair Mark Walter is also the chief executive of investment and advisory financial services firm Guggenheim Partners.

Former NBA player Earvin "Magic" Johnson is part of Guggenheim's consortium and Walter's business partner.

On X, Johnson wrote: "Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the @Lakers legacy and tradition of winning - Mark Walter, my business partner and friend! Mark Walter is the best choice and will be the best caretaker of the Laker brand."

He added: "The proof is in the pudding on what he's been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner notching 2 World Series and 11 NL West divisional titles in the last 12 years!"