In a stunning development that has sent shockwaves through the sports world, the Buss family, led by Jeanie Buss, has agreed to sell a majority stake in the iconic Los Angeles Lakers to businessman Mark Walter for a record-shattering $10 billion valuation. This transaction, confirmed by multiple sources to NBC News, marks the largest sale of a professional sports franchise in history and ends the Buss family’s 46-year stewardship of one of the NBA’s most storied teams.
A Historic Sale
The Lakers, purchased by Dr. Jerry Buss in 1979 for $67.5 million as part of a deal that included the Los Angeles Kings and The Forum, have grown into a global sports powerhouse under the family’s ownership. The franchise has won 17 NBA championships, 11 of which came during the Buss era, cementing its legacy with legendary players like Magic Johnson, Kobe Bryant, Shaquille O’Neal, and LeBron James. The $10 billion sale price represents an astonishing 14,714.81% return on the original investment, underscoring the team’s meteoric rise in value.
Mark Walter, the CEO of TWG Global and controlling owner of the Los Angeles Dodgers, is no stranger to the Lakers, having held a 27% minority stake since 2021. His acquisition of the majority stake, which reduces the Buss family’s ownership to approximately 15%, positions him as one of the most powerful figures in professional sports. Walter’s portfolio already includes the Dodgers, the WNBA’s Los Angeles Sparks, Chelsea FC, and the Professional Women’s Hockey League, among others.
Jeanie Buss to Remain as Governor
As part of the agreement, Jeanie Buss, who has served as the Lakers’ president and governor since her father’s passing in 2013, will retain her role as team governor, ensuring her continued influence on league matters. NBA bylaws require a governor to hold at least a 15% ownership stake, which Jeanie will maintain. This arrangement, while rare, allows her to honor her father’s legacy while transitioning the team to new ownership.
Jeanie Buss has been a trailblazer in the NBA, becoming one of the most powerful women in sports. Her leadership navigated the Lakers through turbulent times, including internal family disputes over control following Jerry Buss’s death. In 2017, she solidified her position as controlling owner after a legal battle with her brothers Jim and Johnny Buss, ensuring the franchise remained a family-run operation until now.
Magic Johnson Endorses the Deal
Lakers legend Magic Johnson, a business partner of Walter’s and a close ally of Jeanie Buss, celebrated the sale on social media, calling it a “record-shattering deal.” “Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the @Lakers legacy and tradition of winning — Mark Walter, my business partner and friend!” Johnson posted on X. He added, “Lakers fans should be ecstatic,” citing Walter’s proven track record with the Dodgers, where he has overseen two World Series titles and consistent postseason success since 2012.
Johnson emphasized Walter’s commitment to excellence, noting, “A few things I can tell you about Mark — he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win!” This sentiment was echoed by Dodgers manager Dave Roberts, who described the sale as “a very exciting day for the Lakers, for the city of Los Angeles,” predicting Walter would build on the team’s storied legacy.
A New Era for the Lakers
The sale comes at a pivotal moment for the Lakers, who recently made headlines with a blockbuster trade to acquire Luka Dončić from the Dallas Mavericks. With LeBron James still leading the roster, the team is poised for a competitive future. However, under Buss family ownership, the Lakers were known for fiscal restraint in areas like front-office staffing and luxury tax spending, which occasionally limited their ability to build around star players. Walter’s deep financial resources and aggressive spending with the Dodgers suggest the Lakers could enter a new era of financial flexibility, potentially transforming them into an even greater powerhouse.
The $10 billion valuation eclipses the previous record set by the Boston Celtics’ $6.1 billion sale earlier this year, resetting the benchmark for professional sports franchises. Despite not owning their arena, Crypto.com Arena, the Lakers’ global brand, Hollywood ties, and championship pedigree have driven their value to unprecedented heights.
The End of an Era
The Buss family’s ownership revolutionized the NBA, blending sports with entertainment through innovations like the Laker Girls, the Forum Club, and the “Showtime” era of the 1980s. Jerry Buss’s vision turned the Lakers into a cultural phenomenon, attracting celebrities and creating a glamorous identity that redefined sports franchises. Jeanie Buss carried forward this legacy, leading the team to a championship in 2020 and navigating challenges with grace and determination.
While the sale marks the end of an era, it also signals a promising future under Walter’s stewardship. As Johnson noted, “I can understand why Jeanie sold the team to Mark Walter because they are just alike — they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes.” Lakers fans, while nostalgic for the Buss family’s reign, can look forward to a new chapter of success for the Purple and Gold.