The Buss family is selling a majority stake in the Los Angeles Lakers, one of the most iconic franchises in NBA history, according to a report by ESPN. This historic agreement values the Lakers at a massive ten billion dollars. The deal makes it the highest valuation ever for a professional sports team sale. Mark Walter, the chairman and chief executive of TWG Global and part owner of the Los Angeles Dodgers and the Los Angeles Sparks, is set to become the new majority owner. Walter is a highly respected figure in Los Angeles sports and has built a reputation for investing in excellence across different leagues. He is expected to bring that same commitment and energy to the Lakers. The Lakers have been under the Buss family’s ownership since 1979, when Dr. Jerry Buss purchased the team and helped create a dynasty known as the Showtime Lakers. The team won five championships during the 1980s and remained one of the most popular and successful franchises in sports. After Jerry Buss passed away in 2013, his daughter Jeanie Buss took over as principal owner and has been instrumental in maintaining the Lakers' winning culture and business success. Despite the majority stake being sold, Jeanie Buss will remain involved with the franchise and stay on as team governor, ensuring some continuity in leadership during this transition. The Lakers have not made an official comment on the sale yet. The news follows the recent record setting six point zero five billion dollar sale of the Boston Celtics, which until now was the most expensive transaction in NBA history.
The reaction to the sale of the Lakers has been overwhelmingly positive, especially from those who know both Jeanie Buss and Mark Walter personally. Among the most notable voices is Lakers legend Earvin Magic Johnson, who played a key role in the team's golden era under Jerry Buss. Johnson, who is also a co-owner of the Dodgers alongside Walter, expressed strong support for the deal. He praised Mark Walter's values and his dedication to winning, describing him as someone driven by excellence and professionalism. Johnson said that Lakers fans should be thrilled about the new ownership and added that Jeanie Buss made the right decision by choosing someone who aligns with her father's legacy. He highlighted that Walter will bring the resources and leadership necessary to keep the Lakers competitive and successful. Jeanie Buss, who will remain as the team's governor, has long been one of the most respected female executives in sports. Her continued role will help guide the team during this significant transition while allowing the Buss family to retain some connection to the Lakers. The move marks a new era for the franchise and places them in the hands of a deeply connected and financially capable sports investor. It also solidifies a broader trend of increasing team valuations in the NBA, following the recent sale of the Celtics for over six billion dollars. Mark Walter now adds the Lakers to his sports empire, which already includes prominent roles with the Dodgers and Sparks. This cross-sport involvement positions him as a central figure in Los Angeles sports going forward. The sale is a major shift in the NBA's ownership landscape and a moment that will be remembered as a defining change for one of basketball’s most storied teams.
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