In a blockbuster move shaking the sports world, the Buss family has agreed to sell majority ownership of the iconic Los Angeles Lakers to billionaire investor Mark Walter, pegging the franchise’s valuation at an eye-popping $10 billion—the highest ever for any U.S. professional sports team.
Despite stepping back, the Buss family isn't cutting ties completely. They’ll retain a minority stake of just over 15% for the foreseeable future, according to insider sources. Meanwhile, Jeanie Buss will remain governor of the team and continue running operations for "at least a number of years." The deal reportedly guarantees her leadership position, with Walter fully backing her continued role at the helm.
Mark Walter, CEO and chairman of the diversified firm TWG Global, is no stranger to the Lakers. He first bought in back in 2021, acquiring a 26% stake from Phil Anschutz, which also came with a right of first refusal on any future majority sale.
Through TWG Global, Walter has a vast empire in the world of sports. He’s a stakeholder in the Los Angeles Dodgers, Los Angeles Sparks, Chelsea FC in the Premier League, and the Professional Women's Hockey League. His motorsports venture, TWG Motorsports, owns elite auto racing teams including Cadillac Formula 1.
The Buss era began in 1979, when the late Jerry Buss purchased the Lakers, the Los Angeles Kings, and the Forum from Jack Kent Cooke for $67.5 million. Since then, the Lakers have clinched 11 NBA championships, more than any other team since 1980.
Following Jerry Buss’s death in 2013, the team was placed in a trust shared among his six children, each of whom played roles within the organization. In 2017, a pivotal agreement appointed Jeanie Buss as the controlling owner, ending a power struggle that even went to court. The dispute began after her brothers, Jim and Johnny Buss, attempted to call a board meeting—a move Jeanie perceived as an attempt to strip her power—just after she had ousted Jim Buss as executive VP of basketball operations.
The Lakers sale to Walter received the green light from the Buss siblings through a majority vote.
Sources say that Luka Dončić, the Lakers' current superstar, who joined in a blockbuster February trade that sent Anthony Davis to the Dallas Mavericks, was given a brief heads-up on the impending deal.
Lakers legend Magic Johnson, a long-time business partner of Walter and close confidant of Jeanie Buss, gave the move his full endorsement on social media, saying fans should be nothing short of “ecstatic.”
"Mark Walter is the best choice and will be the best caretaker of the Laker brand," Johnson posted on X. "Just look at what he’s done with the Dodgers: 2 World Series titles and 11 division crowns in 12 years!"
Dodgers manager Dave Roberts echoed the excitement, calling it "a very exciting day for the Lakers and the city of Los Angeles." He praised Walter’s competitive drive and commitment to building championship-caliber teams, ensuring the Lakers' proud legacy continues.
According to Johnson, Jeanie Buss would only have agreed to this deal if she were confident that Walter would uphold the values and standards of the Lakers.
“Mark is all about winning, excellence, and doing things the right way. He’ll invest whatever it takes to win,” Johnson said. “Jeanie and Mark are so alike—competitive, generous, and humble. This just makes total sense.”
Walter, a low-profile billionaire, also serves as CEO of the financial titan Guggenheim Partners, which manages over $325 billion in assets. Notably, Magic Johnson is among its prominent investors.
With this sale, the Buss family ends its 46-year reign over the Lakers—the longest ownership tenure in the NBA. The only other long-standing owner is Herb Simon, who bought the Indiana Pacers in 1983.
This seismic shift comes amid a trend among NBA elites. In the past two years, Jeanie Buss’s close peers also made major moves. Mark Cuban sold a majority stake in the Dallas Mavericks for $3.5 billion in 2023, and Wyc Grousbeck recently agreed to sell the Boston Celtics to Bill Chisholm for $6.1 billion. The Celtics deal still awaits final approval by the NBA Board of Governors, set to convene in Las Vegas next month.
Description:
"The Los Angeles Lakers are undergoing a historic ownership shift as the Buss family agrees to sell majority control of the franchise to Mark Walter in a record-breaking $10 billion deal. This move marks the largest valuation in U.S. sports history, with Jeanie Buss staying on as team governor. Discover what this means for the Lakers' legacy, future leadership, and how it fits into the trend of high-profile NBA franchise sales."