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Illustration: Aïda Amer/Axios

Mark Walter and Todd Boehly agreed to buy a 27% stake in the Los Angeles Lakers from Philip Anschutz at around a $5.5 billion enterprise value. The franchise continues to be majority owned by the Buss family.

Why it matters: This may be more about the next deal than the current one. Financiers Walter and Boehly are part of the Los Angeles Dodgers ownership group, and now are well-positioned to buy out the Buss family were it to want to sell. Kind of like Laurene Powell Jobs did several years ago with the Washington Wizards.

Background: This was a proprietary process that wasn't shopped to the handful of investment funds that have formed to buy pro team stakes. Sources say the deal size was just too large for the current funds and that the NBA still frowns on the prospect of a fund as a majority owner (even if it's just an unofficial option).

Coming attractions: Word is that Dyal Capital Partners is in advanced talks to buy a small piece of the Phoenix Suns, while part of the Sacramento Kings has been in market for months. Plus, there's still up to 10% available of the San Antonio Spurs, which recently sold a 20% stake to Sixth Street and another 10% to Michael Dell.

The bottom line: "Based on the 2018-19 season, the last full season completed before the pandemic, the $5.5 valuation places a revenue multiple of 12.7 on the Lakers. That multiple is the second-highest for the league, behind only to the 13.7 times revenue in Steve Ballmer's 2014 purchase of the Los Angeles Clippers." — Mike Ozanian, Forbes

Go deeper

Mike Allen, author of AM
Sep 27, 2021 - Energy & Environment

Laurene Powell Jobs' $3.5 billion climate campaign

Laurene Powell Jobs, president of Emerson Collective, is investing $3.5 billion in her new climate-action group, the Waverley Street Foundation — all to be spent in 10 years, as a way to show urgency on the issue.

  • Then the group will sunset.

The big picture: The foundation "will focus on initiatives and ideas that will aid underserved communities who are most impacted by climate change," an official tells Axios.

49 mins ago - World

Iran agrees to resume Vienna nuclear talks in November

Ali Bagheri (R) with Enrique Mora in Tehran on Oct. 14. Photo: Iranian Foreign Ministry handout via Getty

Iran's new chief nuclear negotiator said following a meeting in Brussels on Wednesday that Iran would resume negotiations in Vienna before the end of November, with the exact date to be set next week.

Why it matters: The Vienna talks have been frozen since Iran's new hardline president, Ebrahim Raisi, was elected in June. This is the most direct commitment from Raisi's government to return to the negotiating table.

Dan Primack, author of Pro Rata
6 hours ago - Politics & Policy

Democrats' billionaires tax explained

Illustration: Aïda Amer/Axios

There is now legislative language behind the push to tax American billionaires on unrealized capital gains, as Sen. Ron Wyden last night released his 107-page plan.

Why it matters: This would be a sea change in U.S. tax policy, which has only applied to realized gains (otherwise known as income).

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