Celtics' rival stunningly follows in Boston's footsteps

According to ESPN's Shams Charania, the Los Angeles Lakers are selling a majority stake in the franchise for approximately a gobsmacking $10 billion. It's the most lucrative sale of a professional sports franchise in the world.

"The Buss family is entering an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, the CEO and chairman of diversified holding company TWG Global," reports Charania.

Walter has held a minority share of the Lakers since 2021. He leads Guggenheim Baseball Management, the majority stakeholder of the Los Angeles Dodgers.

The purple and gold's new majority owner also holds interests in the WNBA's Los Angeles Sparks, the Billie Jean Cup, the Cadillac Formula 1 team, and the Professional Women's Hockey League.

Jerry Buss purchased the Lakers from Jack Kent Cooke in 1979 for $67.5 million. Forty-six years later, they'll sell for a record price in another stratosphere.

What the Celtics' and Lakers' sales have in common

The Celtics holding the title reign as the most expensive sale of a North American sports franchise lasted shorter than anticipated -- three months, to be exact.

A group led by William Chisholm purchased the 18-time NBA champions for $6.1 billion in a two-part transaction first announced on Mar. 20.

Like the Celtics, the Lakers are not the owners of their home arena. Both are tenants. TD Garden is a subsidiary of Delaware North, which owns the Boston Bruins. Philip Anschutz, the principal owner of the Los Angeles Kings, owns Crypto.com Arena.

There was considerable consternation about that potentially impacting the sale of the former, forcing Boston Basketball Partners, LLC, to accept less than the $6 billion price tag they and the NBA desired.

That didn't impede a record-setting purchase. From the outside, the Lakers' sale was swifter and silent. Seemingly, there wasn't an opportunity for hand-wringing over them not owning their arena. Not before the transaction, at least.

They're the NBA's most glamorous franchise, though. It's one of the most popular and recognizable global sports brands. Perhaps there will be more understanding about Walter's approximately $10 billion splurge to become the team's majority owner.

Another commonality between the NBA's two most storied franchises' setting sales records so closely together is Charania's report that Jeanie Buss will remain the Lakers' governor after this transaction.

It's unclear at the moment if Buss will operate in that role temporarily. In Boston, Wyc Grousbeck will continue serving in that capacity until after the 2027-28 season. At that point, Chisholm will become the Celtics' governor.

Charania labels Grousbeck as one of Buss's closest confidants. Perhaps it's not a coincidence that both families sold the majority ownership of their respective franchises.

Another friend, Mark Cuban, made that choice a couple of years ago. He cited the importance of being an expert in real estate. Cuban views it as the NBA's next wave of revenue, per NBC News. Admitting it's not his strong suit, he sold his stake in the Dallas Mavericks.

There are also questions about whether there is much room for growth for a league that's maximizing profits on numerous fronts, ranging from ticket sales to media rights.

It seems like more than happenstance that these three recently sold their majority share in NBA franchises with global appeal.

Then again, Irving H. Grousbeck, 90, was the team's majority stakeholder. In the Celtics' press release announcing their intention to sell, it stated, "The controlling family of the ownership group, after considerable thought and internal discussion, has decided to sell the team for estate and family planning considerations."

Unlike the Celtics, the Lakers were not facing the prospect of the most expensive payroll in NBA history, a figure potentially exceeding $500 million in salary and luxury taxes.

Perhaps it was as simple as Mark Walter's determination he wanted to move up in rank within the latter organization. It's entirely possible that the Buss family had no intention of selling until presented with a world record-setting offer.

There are arguments on both sides that don't invalidate the other's position. What's clear is, like majority ownership of even the NBA's most storied teams, the business of basketball is changing.