ownership

DONALD Trump has signed an executive order laying the groundwork for China to hand over TikTok to US owners following “very good talks” with Xi Jinping.

Dealmaster Don said he had come to an agreement with the Chinese leader following years of speculation surrounding the fate of the beloved $14billion social media giant.

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In a major U-turn by Beijing – who once slammed the idea of giving TikTok to Washington as “robbery” – Chinese officials have now agreed to hand over the prized platform.

The landmark deal will separate the popular video-sharing hub from its Chinese parent company ByteDance – in a key step allowing TikTok to keep operating in America.

Trump said the agreement would comply with a bipartisan law that would have forced the app’s shutdown if it was not divested and sold to a US owner.

The US President said: “I spoke with President Xi and he said: ‘Go ahead with it.’

“This is going to be American-operated all the way.”

The groundbreaking plan will see US investors oversee the vast majority of TikTok‘s operations.

A coalition of American owners are expected to take charge of 80 per cent of the app – while Chinese investors will have a 20 per cent stake.

They will also gain a licensed copy of the cutting-edge recommendation algorithm retrained solely with US data.

The controversial digital recipe which shows users content based on their preferences previously stirred alarming concern among US officials.

China hawks warned the ByteDance-crafted algorithm could be weaponised by the CCP to influence content seen by hundreds of millions of Americans every day.

But US officials have failed to present any evidence proving China has ever attempted to do so.

The new US version of the spun off firm will be valued at $14billion, US Vice President JD Vance said.

But the new figure doesn’t compare to ByteDance’s overall valuation, which is estimated to stand at a staggering $330billion.

TikTok’s social media arch nemesis Meta, which owns Facebook and Instagram, is valued at $1.8trillion.

The new investing team will be spearheaded by US software giant Oracle.

The firm will oversee US operations for TikTok, provide cloud service for user data storage and obtain the elusive algorithm license.

The alliance of investors is set to include Oracle co-founder Larry Ellison, News Corp owner Rupert Murdoch and Dell CEO Michael Dell.

Trump said of the potential new owners: “Great investors. The biggest. They don’t get bigger.”

Vance said more details about who is involved in the huge deal will be announced over the coming days.

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The deal seemingly puts to bed months of legal limbo for the massively popular app, which is said to host some 180 million US users.

Trump has even credited TikTok with helping him win the 2024 presidential election – as part of his gamechanging social media campaign.

ByteDance and TikTok once faced widespread concerns from US lawmakers over national security and data privacy.

US officials alleged China could use the app to shape messaging and ultimately spread propaganda in an effort to undermine US democracy.

TikTok denied the claims, but Congress collectively agreed to force ByteDance to find a US buyer after a historic vote last year.

The supreme court unanimously upheld the ban in January – before Trump signed an executive order on his first day in office to postpone its removal from the US.

The US President also hinted at TikTok’s secure future last week, writing on Truth Social: “A deal was also reached on a ‘certain’ company that young people in our Country very much want to save.

“They will be very happy!”

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SANTIAGO, Chile, Sept. 4 (UPI) — Chilean holding company Cencosud (Centros Comerciales Sudamericanos) announced it has acquired full ownership of premium supermarket chain The Fresh Market after purchasing the remaining 33% stake held by investment fund AP VIII Pomegranate Holding.

The sale was valued at $295 million, according to a filing Cencosud made with Chile’s Financial Market Commission, the country’s financial regulator.

The Fresh Market was founded in 1982 by Ray and Beverly Berry in Greensboro, N.C., and specializes in high-quality fresh and healthy products, baked goods, prepared foods, floral arrangements and other items. The chain operates 172 stores in 22 states, mainly in Florida, North Carolina, Virginia and Georgia.

In 2022, Cencosud purchased a 67% stake in the company for $676 million, marking the Chilean retailer’s entry into the U.S. market.

“We are very pleased to have reached this agreement, which marks an important milestone in our strategy to strengthen Cencosud’s presence in the U.S. market,” Cencosud CEO Rodrigo Larraín said in announcing the full acquisition of the supermarket chain.

“The supermarket business in the United States has shown positive performance and is entering a new stage of growth that excites us greatly,” he said, adding that the acquisition will allow the company to accelerate integration of the chain into its operations.

Cencosud, one of Latin America’s largest retailers, was founded in 1963 by Horst Paulmann. His family remains the majority shareholder in the holding company, which operates supermarkets, home improvement stores, department stores, shopping centers and financial services.

The company operates in six countries: Chile, Argentina, Peru, Colombia, Brazil and the United States. In the United States, it has focused only on the supermarket segment, which grew 12.8% in sales in 2024 thanks to store expansion and online sales.

Claudio Pizarro, a researcher at the Center for Retail Studies in the Department of Industrial Engineering at the University of Chile, said Cencosud’s latest move underscores the Chilean supermarket operator’s strategy to expand in the U.S. market.

“The United States is the largest supermarket market — it’s where Walmart started, and today it is the global leader. The performance of The Fresh Market has been very positive and shows strong growth potential,” he said.

He added that 80% of Cencosud’s revenue comes from its supermarket business, where it has developed its own private-label products, such as Cuisine & Co.

“It is an increasingly important and distinctive asset in its supermarket business,” Pizarro said.

With the full acquisition of The Fresh Market, Cencosud aims to become a major global player in the supermarket sector, said Jorge Berríos, academic director of the finance program at the University of Chile’s School of Economics.

“Cencosud is a company with a strong presence in Latin America. Its natural path was to pursue expansion into the United States and become a global player through a niche supermarket, where it has found a significant opportunity,” Berrios said.

“Today, people want to buy quality food, and they are willing to pay for that service,” je added.

TOTTENHAM have announced that Daniel Levy has stepped down from his role as Executive Chairman after nearly 25 years at the helm.

The huge announcement on Thursday evening brings to an end a quarter of a century of his leadership at the club.

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Levy oversaw regular European qualification and two trophies during his era – the 2008 League Cup and last season’s Europa League triumph.

He also played a key role in Tottenham’s moves into their new training ground and their new stadium.

But fans want to know what that means for the club.

What does Daniel Levy leaving mean for Tottenham’s ownership?

There will be no changes to the ownership or shareholder structure of the club, Tottenham have announced.

Daniel Levy said: “I am incredibly proud of the work I have done together with the executive team and all our employees. We have built this club into a global heavyweight competing at the highest level.

“More than that, we have built a community. I was lucky enough to work with some of the greatest people in this sport, from the team at Lilywhite House and Hotspur Way to all the players and managers over the years.

“I wish to thank all the fans that have supported me over the years. It hasn’t always been an easy journey but significant progress has been made. I will continue to support this club passionately.”

Aug. 19 (UPI) — Nexstar Media announced it will purchase Tegna, the broadcast arm of Gannett.

The announcement said Nexstar will buy all outstanding shares of Tegna for $22 per share in a cash transaction valued at $6.2 billion. It includes all of Tegna’s net debt.

The price is a 31% premium to Tegna’s 30-day average stock price.

“Following completion of the transaction, the combined entity will be a leading local media company, well-positioned to compete in today’s fragmented and rapidly evolving marketplace,” the press release said. “The new company will be better able to serve communities by ensuring the long-term vitality of local news and programming from trusted local sources and preserving the diversity of local voice and opinion. Nexstar will also be able to provide advertisers with an even greater variety of competitive local and national broadcast and digital advertising solutions to serve brands and consumers more effectively.”

Tegna is headquartered in Tysons, Va., and was formed in 2015 when Gannett split into two publicly traded companies.

Nexstar is the largest television station owner in the United States, owning 197 stations. It also owns WGN Radio in Chicago and operates the CW network and NewsNation (formerly WGN).

The company will have 265 stations in 44 states and the District of Columbia, representing 80% of U.S. TV households after the merger.

Public interest groups and many Democrats have expressed concern about allowing a single owner to control so much media in the United States.

Nexstar said the deal is expected to close by the second half of 2026.

Nexstar CEO Perry Sook lauded Trump in the press release.

“The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources. We believe Tegna represents the best option for Nexstar to act on this opportunity,” he said.

Walt Disney Co. is expected to announce that the NFL is taking an equity stake in the Burbank-based entertainment giant’s sports media property ESPN, according to people familiar with the plan who were not authorized to comment publicly.

Disney may reveal the deal during its earnings call Wednesday. Representatives at the NFL and ESPN declined comment Friday.

In return for the equity stake, ESPN is expected, at minimum, to take over the NFL’s cable properties including the NFL Network and Red Zone, the popular channel that continuously updates fans on the slate of Sunday contests. The NFL Network also has the rights to several regular season games late in the season.

In addition, the NFL owns the league’s production unit, NFL Films, and NFL+, the streaming service that enables subscribers to watch games and other related content on mobile devices.

ESPN has the broadcast rights to “Monday Night Football” and two Super Bowl games in the current NFL contract that runs through 2033 but is expected to be reopened in 2029. The impending deal with Disney means the NFL’s other partners — Fox, NBC, CBS, YouTube and Amazon — will be bidding against an entity that the league has a financial interest in next time the media rights come up.

Discussions between the NFL and Disney have been ongoing for more than 18 months as concerns heightened about the viability of ESPN when consumers continue to bypass or cancel pay TV subscriptions.

The NFL accounts for the vast majority of most-watched programming on U.S. television screens every year, according to Nielsen. But as the TV business has been fragmented and disrupted by streaming, there are even more competitors wanting their own package of pro football games.

In 2022, the NFL awarded the rights to its Sunday Ticket package to Google’s YouTube TV. The seven-year deal for the package, which gives viewers access to out-of-market network TV broadcasts of the league’s Sunday afternoon games, underscored the migration of younger viewers to streaming platforms for video viewing.

Netflix, the world’s largest subscriber-based online video service, has the rights to Christmas Day games, which last year drew tens of million of viewers to the streamer, which has been building up its live programming business.

ESPN has long been the most expensive part of the pay TV bundle, currently getting close to $9 per subscriber. It is now in around 73 million homes, down from 98.5 million in 2013.

Traditional television is losing ground to streaming. Earlier this year, Nielsen reported that TV consumption through streaming services had exceeded broadcast and cable viewing combined for the first time.

ESPN is adapting to the streaming landscape, launching its first stand-alone direct-to-consumer product that will give consumers access to all of its channels without a pay TV subscription. The service will cost $29.99 a month.

TV ratings for ESPN have improved and ad sales have remained strong as advertisers value audiences who watch live programming.

Disney’s stock price fell about 2% to $116.59 on Friday as the broader markets absorbed the pain of President Trump’s new tariffs and weak jobs data.

ESPN is run by Jimmy Pitaro, who has been considered a potential internal candidate to replace Disney Chief Executive Bob Iger when he retires at the end of next year. Disney’s share price has risen 5% so far this year.

It was clobberin’ time this weekend, as Marvel’s “The Fantastic Four: First Steps” nabbed the top spot at the box office with a performance that returned the Walt Disney Co.-owned superhero franchise to form.

The movie hauled in $118 million in the U.S. and Canada and grossed $218 million globally in its opening weekend. The film, which stars Pedro Pascal, Vanessa Kirby, Ebon Moss-Bachrach and Joseph Quinn, is just the latest remake of the comic book property, though the first under Walt Disney Co.’s ownership.

Formerly owned by 21st Century Fox, “The Fantastic Four” is one of several key intellectual properties now under the umbrella of the House of Mouse after its $71.3-billion acquisition of that studio’s entertainment assets in 2019.

Disney has already capitalized on its ownership of the “Deadpool” and “X-Men” properties — its 2024 film, “Deadpool & Wolverine,” garnered more than $1 billion in global box office revenue.

Fox produced and released three “Fantastic Four” movies, none of which were well-received by audiences or critics. A 2015 reboot was particularly reviled.

Quality was not an issue this time. The movie notched a 88% approval rating on aggregator Rotten Tomatoes and an “A-” grade from audience polling firm CinemaScore.

The movie exceeded pre-release estimates. “First Steps” was expected to gross $100 million to $110 million in its debut weekend, on a reported budget of about $200 million.

The theatrical reception for “The Fantastic Four” is a relief for Disney and Marvel, which has struggled in recent years to reap the box office earnings it once did with its superhero films.

The Anthony Mackie-led “Captain America: Brave New World” received middling reviews from critics and brought in about $415 million in global box office revenue. Ensemble movie “Thunderbolts*” received strong reviews, but made only $382 million worldwide.

Disney Chief Executive Bob Iger said earlier this year that the company “lost a little focus” in its zeal to produce more shows and movies for the Disney+ streaming platform, acknowledging that “quantity does not necessarily beget quality.”

“By consolidating a bit and having Marvel focus much more on their films, we believe it will result in better quality,” he said during an earnings call with analysts in May.

Anticipation was high for “The Fantastic Four,” and Disney went all out with the marketing. The company hired a skywriter to craft encircled 4’s in the sky near downtown Los Angeles on the day of the premiere and featured a drone show outside the Dorothy Chandler Pavilion after the showing.

“While Marvel films have settled into a fairly predictable core audience after multiple under-cooked films and streaming series in the post-’Avengers: Endgame’ era, the brand remains sturdy when the right film comes along,” Shawn Robbins, director of movie analytics at Fandango and founder of site Box Office Theory, wrote in a weekend theatrical forecast published Wednesday.

Warner Bros.’ DC Studios’ “Superman” came in second at the box office this weekend with a domestic total of $24.9 million for a worldwide gross so far of $503 million.

The Mayan, a popular music venue and nightclub in downtown L.A., announced Monday morning that it will be closing under its current management after a 35-year run.

“It is with heavy yet grateful hearts that we announce The Mayan will be closing its doors at the end of September, after 35 unforgettable years,” read a statement from the venue’s Instagram page. “To our loyal patrons, community and friends: thank you for your unwavering support, your trust and the countless memories we’ve created together. You made every night truly special.”

The announcement also called on longtime and potentially new patrons to celebrate the club’s final months in fashion, with weekly Saturday dance nights through Sept. 13.

It is currently unknown what, if anything, the historic venue will be used for after the Mayan shutters.

The Mayan did not immediately respond to The Times’ request for information.

The Mayan Theater — located at 1038 S. Hill St., next door to the Belasco — first opened Aug. 15, 1927, with a performance of George Gershwin’s Broadway musical “Oh Kay.” As its name alludes to, the theater is one of the best known examples of the Mayan Revival architectural movement that took place in the U.S. during the 1920s and 1930s, which drew inspiration from pre-Columbian Mesoamerican structures.

As The Times reported in 1989, the giant bas-relief figures on the venue’s exterior are of the Maya god Huitzilopochtli seated on a symbolic earth monster. The three-tiered chandelier in the theater — rigged for red, blue and amber lights — is a replica of the Aztec calendar stone found near Mexico City. The design of tapered pillars was inspired by the Palace of the Governors at Uxmal, a Maya ruin on Yucatán Peninsula dating from AD 800.

Mexican anthropologist and sculptor Francisco Cornejo assisted the architects to craft a building that was based on authentic designs of pre-Columbian American societies.

During the Great Depression, the theater was rented out to the Works Projects Administration, which operated it as an Actors Workshop theater. In 1944, Black producer, director and entrepreneur Leon Norman Hefflin Sr., staged a production of the popular and well-reviewed musical “Sweet ‘N Hot,” which starred Black film and stage icon Dorothy Dandridge.

The Fouce family gained ownership of the theater in 1947 and shifted the venue’s programming toward Spanish-language film screenings and performers. By the early 1970s, Peruvian-born filmmaker and actor Carlos Tobalina gained ownership of the theater and changed the programming to focus on pornographic and X-rated films.

In 1990, the Mayan was brought under new management and inhabited its current form as a nightclub and music venue. The city has since declared the building as an official L.A. Historic-Cultural Monument.

The Mayan has been used as a shooting location for many film productions, including the 1992 box-office smash “The Bodyguard,” starring Kevin Costner and Whitney Houston; the 1998 skit-to-feature film “A Night at the Roxbury;” the 1979 Ramones-led musical comedy “Rock ‘n’ Roll High School;” and, most recently, the Netflix wrestling-themed series “GLOW.”

In recent years, the Mayan has played host to the cheeky lucha libre and burlesque show called Lucha VaVoom de La Liz and has held concerts by acts such as Jack White, M.I.A. and Prophets of Rage.

Once upon a time, sports fans wanted freedom of choice. Why pay for dozens — or perhaps hundreds — of television channels when all you wanted to do was to see your favorite teams play?

The cable era is in its sunset. Streaming is all the rage. No longer need you pay for channels that feature news, movies, cooking and gardening in order to watch the home team.

For sports fans, this has become an expensive mess, too.

The Dodgers require one subscription. The Lakers require another. The Angels, Kings and Clippers require another. The Galaxy and LAFC require another. The Ducks require another — although theirs is free for now.

Truth be told, the Dodgers and Lakers run L.A. The most valuable sports broadcasting property in town could be one that carries the Dodgers and Lakers.

For many fans in Los Angeles, that might represent freedom of choice: the one and only must-have sports subscription.

Could that future — one broadcast channel and one streaming app for the Dodgers and Lakers — become reality now that Mark Walter, the controlling owner of the Dodgers, is the new controlling owner of the Lakers? Walter hasn’t yet talked publicly about the Lakers deal, so we floated the idea by sports business insiders.

The Lakers are on Spectrum SportsNet. The Dodgers are on SportsNet LA. Who owns those channels?

Charter Communications, the parent company of Spectrum, owns SportsNet. The Dodgers, through an affiliated company, own SportsNet LA, although Charter operates it and pays the team a rights fee every year, just as it does with the Lakers.

Can Charter walk away from the Lakers deal because of the ownership change?

No.

Could Walter buy out Charter and put the Dodgers and Lakers on the same channel?

In theory, yes. Charter probably would give him the Lakers’ channel for free.

In reality? That appears unlikely any time soon. Walter didn’t get to be a billionaire by turning down half a billion dollars every year.

Go on.

When Charter’s predecessor, Time Warner Cable, launched the channels for the Lakers in 2012 and the Dodgers in 2014, cable and satellite channels were the way most fans watched their home teams. And, because cable and satellite packages required subscribers to pay for 100 channels even if they only watched five, those cooking and gardening enthusiasts helped enrich all those teams.

Fast forward to today: Nielsen reported that in May — for the first time — more Americans watched television via streaming than via broadcast and cable combined. This so-called “cord cutting” has turned the ownership of most sports channels from an asset to a liability, and many operators have either gone out of business or forced teams to take nine-figure hits to their rights fees.

What does this have to do with whether I can watch the Dodgers and Lakers on one channel?

The Dodgers’ channel and the Lakers’ channel each lose money. Walter would choose between acquiring a money-losing Lakers channel or keeping intact the two Charter deals that pay the Dodgers and Lakers more than $500 million combined each year. No team in baseball makes as much money from local television as the Dodgers, and no team in basketball makes as much money from local television as the Lakers.

The Lakers’ deal runs through 2032. The Dodgers’ deal runs through 2038.

Why are those dates important?

While other teams are experimenting with various combinations of cable, satellite, streaming and even free TV, the Lakers and Dodgers can cash in on guaranteed income and let those other teams be the guinea pigs for learning what works and what does not work in the new media world.

Major League Baseball would like to sell a national streaming package in 2028 — one spot to watch your team from wherever you are, with no blackouts — and the NBA figures to explore that option, too. That gives the Dodgers and Lakers a fairly long runway to see what might be best for them, including whether to retain their streaming rights or contribute them to a league package — and what they would require in order to do so.

Might a joint Dodgers-Lakers channel be a long-term solution?

It could be. With the NBA joining MLB in making postseason broadcasts entirely national, the calendar would align nicely: April to September for the Dodgers, October to April for the Lakers. Behind the scenes, one staff could largely replace two.

The time for the single-team sports channel has come and largely gone. The economics are poor, and the enthusiasm for 24-7, all-access coverage of one team has dissipated into the reality that most fans just want to watch the game.

How about Walter adding teams?

Nothing is impossible. Ted Leonsis, who owns the NHL’s Washington Capitals, NBA’s Washington Wizards and WNBA’s Washington Mystics, says the key to sports success could be an ownership bundle: own multiple teams, own the venues in which they play and own the platforms on which fans view their games.

Walter’s investments now include the Dodgers, Lakers and Sparks. SportsNet also airs the Sparks.

In 2012, Walter and his partners looked into buying AEG, which owns the Kings, the Galaxy and Crypto.comArena. AEG owner Philip Anschutz opted not to sell then, but Walter could renew that pursuit and, if successful, would control the two venues and four teams that call downtown L.A. home.

For 46 years it’s been a wonderful ride, the sweetest of sagas, the Buss family treating the Lakers like their precocious child, nurturing, embracing, empowering, transforming them into arguably this country’s most celebrated sports franchise.

But it’s time.

It’s time to give their baby to somebody who won’t be burdened by the family ties or deep friendships that have increasingly interfered with the chasing of championships.

It’s time to hand their beloved to somebody with enough money to keep it strong and enough vision to keep it relevant.

It’s time for the Lakers to… become the Dodgers?

Yes! It’s them! They’re here! Welcome, welcome, welcome! Come on in! Make yourself at home! History has been waiting for you!

This is really happening, the majority ownership of the Lakers is really being sold to Dodgers chairman Mark Walter and his TWG Global group at a franchise valuation of $10 billion, making it the richest transaction in sports history.

To Los Angeles sports fans, it’s worth even more.

For the future of professional sports in this city, it’s priceless.

This is the best thing to happen to the Southland’s sports landscape since, well, the last time Walter’s TWG Global group bought something this big.

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It was 2012, and they bought the Dodgers, and just look what they’ve done with them.

Since 2013, Walter’s team has been in the playoffs every year, won their division 11 of those 12 years, appeared in four World Series and won two of them.

Since 2013, the Lakers have won one title in their only Finals appearance during that period while making the playoffs only half the time.

Mad respect to the Buss family, who oversaw 11 championships while providing the stage for greats from Magic Johnson to Kobe Bryant to LeBron James. But since the death of patriarch Jerry Buss in 2013, the organization has lacked a sustained championship vision and effective championship culture.

Everybody loves Jeanie Buss, who will continue in her role as Lakers governor, but she has grown increasingly out of touch with the demands of the modern game.

Where contending teams are now led by analytics-driven minds, she would rely on old friends like Linda and Kurt Rambis and Rob Pelinka, who became part of the family by being Kobe Bryant’s agent.

Where contending teams increasingly relied on younger players, Buss’ Lakers were always tied to aging superstars, their title hopes crashing around a hobbled Bryant and now buckling under a slowly eroding James.

Lakers owner Jerry Buss with children (clockwise from top left) Jeanie, Johnny, Jim and Janie in 1979.

(Gunther / mptvimages.com)

Since Jerry Buss’ death, the vision-less Lakers have wandered through the NBA desert in search of a strong leader who could build for sustained success.

In Walter’s group, they have that leader.

If the Dodgers are any indication, the Lakers are in for the sort of massive facelift that would make even a Beverly Hills plastic surgeon blush.

There will be money poured into the Lakers’ woefully small infrastructure, more money for coaches, more money for scouts, more money for trainers, more money for the amenities at Crypto.com Arena.

Who knows, maybe even more money for a new arena eventually? Don’t scoff, the Dodgers spent more than $500 million just to put a shine on Dodger Stadium, they will dig deep for that fan experience. They will dig deep for everything.

If there’s an insanely expensive but wildly successful general manager candidate out there — former Golden State guru Bob Myers comes to mind — the new Lakers will buy him.

Jeanie Buss attends a game between the Lakers and the Milwaukee Bucks at Crypto.com Arena on March 20.

(Allen J. Schaben / Los Angeles Times)

If there’s an experienced but costly head coaching candidate hanging around, the new Lakers will nab him.

Although they will be somewhat constrained by the salary cap, the new Lakers will go deep into any tax to buy the best players as long as they can retain their draft picks.

The Dodgers are about winning every year, not just the next year, so expect the new Lakers to covet the future as much as the present.

This is good news for young Luka Doncic. This is not such good news for James.

The Buss family always vowed to do whatever it takes to keep James happy and allow him to retire here. The new Lakers won’t be so sentimental. James hasn’t signed on for next season yet, and maybe this change of ownership changes what once appeared to be a slam dunk.

The new Lakers won’t have the rich heart of the old Lakers. But they also won’t have the old destructive loyalties.

The new Lakers will be only about winning, something Jerry Buss understood and amplified, something which has been sadly lost since his passing.

Lakers owner Jerry Buss celebrates with the Larry O’Brien Trophy after the team’s 1980 NBA championship victory.

(NBAE / Getty Images)

The Buss family was good for Los Angeles, and their stewardship of one of this city’s crown sports jewels should be celebrated.

But it’s time, and it’s perfect that their neighbors down the road have decided to be the ones to spruce up the place.

Before this sale, the only thing the Dodgers and Lakers shared occurred after victories, when both team’s sound systems would blare, “I Love L.A.”

Now they share a championship bank account, a championship vision, and a championship commitment.

Man, I love L.A.

When Walter’s Guggenheim Baseball group bought the Dodgers in 2012, the once-proud franchise was mired in embarrassment and mediocrity.

Under Frank McCourt’s ownership, the team was in bankruptcy. It had not fielded a top-10 MLB payroll three years running. And it had only won the National League West three times since the turn of the century, seemingly miles away from ending what was already by then a decades-long World Series drought.

But then came Guggenheim — making huge infusions of cash, followed by a sudden return to contention.

Since 2013, the Dodgers have exceeded MLB’s luxury tax threshold (the closest thing baseball has to a soft salary cap) eight times and topped the league in spending seven times.

They’ve splurged repeatedly on star talent, from lucrative extensions for Clayton Kershaw, Andre Ethier and Kenley Jansen; to blockbuster acquisitions of Adrián González, Hanley Ramírez and Zack Greinke; to the more recently transformative arrivals of Mookie Betts, Freddie Freeman and Shohei Ohtani.

And in that span, they’ve never once missed the playoffs, won their division 11 of the past 12 seasons, and reached the World Series on four occasions — finally breaking through with championships in 2020 and 2024.

“He wants to win,” Roberts said of Walter. “He feels that the fans, the city deserves that.”

Walter’s Guggenheim group has made major outlays beyond the roster as well. They invested in what has become one of the most renowned farm systems in the sport. They have built a robust analytics department in the front office. They’ve made multiple major renovations to Dodger Stadium, upgrading fan areas and the players’ clubhouse facility.

There have been moments when the team has shown financial constraint, most notably when it strategically stayed under the luxury tax in 2018 and 2019 — to the chagrin of some fans at the time.

But in the past two offseasons, the Dodgers have spared almost no expense, this year becoming the first team in MLB history to boast a $400 million luxury tax payroll.

“The commitment from our ownership group from the minute I got here has been incredible,” president of baseball operations Andrew Friedman said this offseason. “It has always been, ‘Hey let’s push. Let’s go. Lets’ get better.’”

The Los Angeles Lakers, a family-run business since Jerry Buss purchased the franchise in 1979, will be sold to Dodgers controlling owner Mark Walter and TWG Global, according to multiple people briefed on the deal.

The deal is expected to occur with the Lakers’ valuation being about $10 billion — a record for a professional sports franchise.

Walter will now lead the city’s two premier professional sports teams.

Control of the Lakers went into a family trust after Buss died in 2013, with daughter Jeanie Buss operating as the team’s governor. The structure of the trust meant the majority of Buss’ six children — Johnny, Jim, Jeanie, Janie, Joey and Jess — would need to agree for a sale to occur.

The Lakers didn’t respond to requests for comment.

The sale was viewed as a massive surprise in NBA circles.

Jeanie Buss reportedly will remain _{governor under the terms of the sale. All controlling governors representing teams in league meetings need to own at least 15% of the franchise to serve. The Buss family owned 66%.}

The sale will end family-run control of the Lakers, who have achieved incredible success — 11 NBA championships earned by some of the league’s most iconic figures, including Kareem Abdul-Jabbar, Magic Johnson, Shaquille O’Neal, Kobe Bryant and LeBron James — under Buss and his children’s leadership.

“I know that my sister Jeanie would have only considered selling the Lakers organization to someone she knows and trusts would carry on the Buss legacy, started by her father Dr. Buss. Now she can comfortably pass the baton to Mark Walter, with whom she has a real friendship and can trust,” Magic Johnson wrote in a post on X.

“She’s witnessed him build a winning team with the Dodgers and knows that Mark will do right by the Lakers team, organization, and fans! Both are extremely intelligent, visionaries, great leaders, and have positively impacted the greater Los Angeles community! I love both my sister @JeanieBuss and my business partner Mark Walter.”

In March, Bill Chisholm purchased the Boston Celtics from Wyc Grousbeck for $6.1 billion. Mark Cuban sold his control of the Dallas Mavericks late in 2023 for $3.5 billion.

And earlier that year, Marc Lasry sold the Milwaukee Bucks for $3.5 billion. Grousbeck and Cuban were two of Jeanie Buss’ closest confidantes among league ownership.

Walter and Todd Boehly became the Lakers’ largest minority shareholders in 2021 when they bought 27% of the franchise — a stake previously held by Phil Anschutz.

“The Los Angeles Lakers are one of the most successful and admired franchises in sports history,” Walter said in a news release at the time. “I have watched the organization grow under Jeanie’s leadership and couldn’t be more excited to partner with her and the entire management team. I am committed to supporting the franchise’s iconic status by continuing to bring together culture, community and entertainment to Lakers’ fans.”

Walter was a relatively anonymous billionaire in 2012, when Johnson and Stan Kasten were the marquee partners in the purchase of of the Dodgers for $2 billion, then the largest price paid for a Major League Baseball team.

Critics scoffed at the purchase price, but Walter and Boehly then negotiated a record $8.35-billion local television deal with Time Warner Cable. Sportico this year valued the Dodgers at $7.73 billion and estimated that they generated $1 billion in revenue last year, highlighted by the global economic boost they gained from signing Shohei Ohtani to a record $700-million contract.

The Dodgers also won the World Series last year, their second championship and fourth World Series appearance in the last eight years. In the 13 seasons since Walter and his group bought the Dodgers, the team has posted a winning record every year. In that same 13-season span, the Lakers have one championship, one NBA Finals appearance and six winning records.

After buying the Dodgers, Walter and Boehly explored buying AEG, the entertainment giant that owns the Kings and Crypto.com Arena. Walter subsequently bought the Sparks, invested in the Lakers and launched a professional women’s hockey league in which the championship trophy is called the Walter Cup.

If the Dodgers’ purchase is any indication, Walter might not make an immediate flurry of changes with the Lakers. After he bought the Dodgers, he retained general manager Ned Colletti through the 2014 season before replacing him with Andrew Friedman.

The beloved O’Malley family sold the Dodgers before the turn of the century, saying the economics of professional sports had exploded beyond the means of families with no other significant source of income.

Under Walter, the Dodgers have not only raised their payroll to record levels but invested heavily in areas that they believe help deliver a winner, from a vaunted analytics department to dietitians for their major and minor league players and expanded clubhouses with the latest in hydrotherapy. The owners also have invested more than $500 million into renovating Dodger Stadium, adding modern amenities to a 63-year-old ballpark.

The Lakers, whose minority owners include Los Angeles Times owner Dr. Patrick Soon-Shiong, are entering a critical moment in the franchise’s history. James, the NBA’s all-time leading scorer, has a $53-million player option that he needs to either accept or decline by June 29. If he declines, he’d be an unrestricted free agent.

The team also is trying to sign Luka Doncic, who it acquired in a shocking trade last February, to a massive contract extension functionally making him the future face of the franchise. He’s eligible to sign an extension on Aug. 2.

Times staff writer Jack Harris contributed to this report.

The Chargers will seek approval to sell an 8% stake in the franchise to private investment firm Arctos at next week’s NFL team owners meetings.

The approval request was sent in a memo to NFL team owners, according to a person with knowledge of the memo not authorized to speak publicly about it.

If approved, Chargers owner Dean Spanos and siblings Michael Spanos and Alexis Spanos Ruhl would still own approximately 61% of the franchise.

The NFL spring meeting will be held Tuesday and Wednesday in Eagan, Minn.

It is the second major change for the Chargers ownership group in the last year after Detroit Pistons owner Tom Gores bought a 27% stake in the team in September. That transaction resolved a long-running dispute between Dea Spanos Berberian and her siblings as Gores and his wife bought Spanos Berberian’s share of the franchise.

Players recently ranked Spanos and the ownership’s contribution to the Chargers’ success fifth-best out of 32 teams, according to an annual survey conducted by the NFL Players Assn. It was a stark improvement from the previous year’s rankings that placed ownership 24th in the league.

The jump can be attributed to the team’s new $250-million facility in El Segundo, which opened last July. Spanos also brought in coach Jim Harbaugh, who led the team to an 11-6 regular-season record in his first season.

The team entered free agency with the second-highest salary-cap space in the NFL, according to Overthecap.com, but did not make many splashy signings. The biggest contract of the offseason went to free agent offensive lineman Mekhi Becton, who signed a two-year deal worth $20 million after winning the Super Bowl with the Philadelphia Eagles.