Buss Family Agrees to Sell Majority Stake in Los Angeles Lakers to Mark Walter for $10 Billion

In a landmark transaction, the Buss family has agreed to sell its controlling stake in the Los Angeles Lakers to Mark Walter, CEO of TWG Global, at a valuation of $10 billion. This deal sets a new record for the sale of a professional sports franchise.

Jeanie Buss will continue as the team's governor, retaining at least a 15% ownership stake to comply with NBA regulations. Walter, who has held a 27% stake in the Lakers since 2021, expands his sports portfolio with this acquisition.

The Buss family's association with the Lakers began in 1979 when Jerry Buss purchased the franchise for $67.5 million. Under his ownership, the team secured 11 NBA championships, becoming one of the league's most successful franchises. After Jerry Buss's passing in 2013, his controlling ownership passed to his six children via a family trust, with each sibling receiving an equal vote. Jeanie Buss assumed the role of team president and became the Lakers' representative on the NBA Board of Governors.

Mark Walter, born in 1960 in Cedar Rapids, Iowa, is the CEO of Guggenheim Partners, a global financial services firm with over $325 billion in assets under management. He is a prominent figure in the sports industry, holding ownership stakes in several teams, including the Los Angeles Dodgers (MLB), Chelsea FC (Premier League), Los Angeles Sparks (WNBA), Cadillac Formula 1 Team, and the Professional Women's Hockey League. Walter's acquisition of the Lakers further solidifies his presence in the global sports industry.

Lakers legend Magic Johnson praised the decision, highlighting Walter's commitment to excellence and the team's legacy. This sale surpasses previous record valuations, including the pending $6.1 billion sale of the Boston Celtics, reflecting the increasing value of elite sports franchises.

The sale is pending approval from the NBA's Board of Governors. Once finalized, it will mark the end of the Buss family's 46-year stewardship of the Lakers, a period during which the team became a global basketball powerhouse. Fans and analysts alike will be watching closely to see how Walter's leadership influences the future direction of the franchise.