Buss Family 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 a majority stake in the Los Angeles Lakers to Mark Walter, CEO of TWG Global and owner of the Los Angeles Dodgers, at a valuation of $10 billion—the highest ever for a professional sports franchise. Jeanie Buss will retain a minority stake and continue as the team's governor.

This sale marks the end of a 46-year era under the Buss family's ownership, during which the Lakers secured 11 NBA championships and became a global sports icon. The transaction underscores the escalating valuations of professional sports franchises and signals a new chapter for the Lakers under Walter's stewardship.

The Buss family's association with the Lakers began in 1979 when Dr. Jerry Buss purchased the franchise for $67.5 million. Under his leadership, the team experienced significant success, winning 10 NBA championships with players like Kareem Abdul-Jabbar, Magic Johnson, and Kobe Bryant. After Jerry Buss's passing in 2013, ownership transitioned to his children, with Jeanie Buss serving as the team's governor.

Mark Walter, known for his extensive involvement in sports ownership, acquired a 27% stake in the Lakers in 2021. He also holds ownership in the Los Angeles Dodgers, Los Angeles Sparks, Chelsea FC, and the Professional Women's Hockey League. Walter is the CEO of Guggenheim Partners, a financial services firm managing over $325 billion in assets.

The sale agreement includes Jeanie Buss retaining a minority stake and continuing as the team's governor, ensuring continuity in leadership. The transaction is expected to finalize in late 2025, pending standard conditions and NBA approval.

Lakers legend Magic Johnson expressed support for the sale, stating, "Mark Walter is the best choice and will be the best caretaker of the Laker brand." He highlighted Walter's track record with the Dodgers, noting, "Mark has been nothing short of a winner, notching 2 World Series and 11 NL West divisional titles in the last 12 years."

The $10 billion valuation sets a new benchmark for professional sports franchises, surpassing the Boston Celtics' $6.1 billion sale earlier this year. This significant increase reflects the growing financial value and global appeal of NBA franchises.

The sale of the Los Angeles Lakers to Mark Walter represents a significant shift in the NBA landscape, blending the franchise's storied legacy with new leadership. As the Lakers embark on this new era, stakeholders are optimistic about the continued pursuit of excellence both on and off the court.