TWG Global, the holdings company that owns the incoming Cadillac F1 team, has just spent $10 billion to buy another team.

The Buss family, who have been longtime owners of the Los Angeles Lakers NBA Franchise, has agreed to sell majority ownership to Mark Walter of TWG Global.

TWG Global adds new team alongside Cadillac F1

TWG Global, the diversified holding company that owns the incoming Cadillac F1 team, has just completed the largest purchase of a professional sports franchise in history by spending $10 billion to acquire the Los Angeles Lakers  from the Buss family.

The Lakers are one of the most successful franchises in NBA history, and it was purchased by the late Dr. Jerry Buss in 1979 for $67.5 million.

It was a major purchase at the time, and it proved to be a highly valuable move that saw the Lakers’ popularity swell in the basketball sphere.

The team has remained within the remit of the Buss family ever since.

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Now, that’s ownership is changing hands, because Mark Walter — CEO and chairman of TWG Global — is offering to sign a hefty check to secure ownership of the team.

Walter will pay $10 billion for the Lakers, a team that Forbes has valued at $7.1 billion. Jeanie Buss, who currently runs the team, will remain as Governor even after the sale to allow the family legacy to continue transitioning into this new era.

Walter had purchased a minority stake in the team back in 2021, during which time he had also negotiated first right of refusal should the family decide to sell the team.

This isn’t the first sporting franchise that Walter has invested in. Along with the Lakers and Cadillac F1, TWG has a stake in the LA Dodgers MLB franchise, the Chelsea FC English Premier League team, and the LA Sparks WNBA franchise.

But sports is not all TWG does; it also boasts investments in Guggenheim Investments and Guggenheim Securities, Group 10001 and Delaware Life insurance platforms, Carvana, and several AI and tech companies.

Worth noting is that TWG Global also includes several subsidiary companies — such as TWG Motorsports, which is the firm in charge of running the Cadillac F1 team. Dan Towriss is the head of TWG Motorsports.

Read more: Cadillac F1: Everything you need to know about the new 11th team