The Los Angeles Lakers, winners of 17 NBA titles, were already eliminated from this year’s playoffs — but their owner just scored big.
According to Joe Pompliano at Huddle Up, sports and entertainment mogul Philip Anschutz will sell his 27% minority stake in the storied franchise.
The deal values the Lakers at $5B, and the buyers are locals: Mark Walter and Todd Boehly, the owners of the Los Angeles Dodgers baseball team.
In 2011, the average NBA franchise was worth ~$367m. Today, that figure is ~$2.2B.
The 6 largest franchises — all in big markets (New York, San Francisco, LA x2, Chicago, Boston — make up two-thirds of the total league value, per Pompliano.
Anschutz’s sale marks another trend: minority owners willing to cash out. PE firm Arctos Sports Partners recently bought a 5% stake from minority owners of the Golden State Warriors, valuing that franchise at $5.5B.
… his firm — the Anschutz Entertainment Group (AEG) — owns the Staples Center, where the Lakers play.
Meanwhile, basketball is only one part of the AEG empire:
And… AEG also owns… well, you get the point. Anschutz has a lot of stuff, and funds from the Lakers sale will surely finance more.