Los Angeles, CA – The Buss family, which has owned the Los Angeles Lakers for 46 years, is selling a majority stake in the iconic NBA team for a remarkable $10 billion.
The buyer, Mark Walter, who has previously owned a minority stake in the Lakers, will now take control of the franchise, multiple sources confirmed to NBC News.
Walter, the CEO of TWG Global, has had a significant stake in Southern California sports, as he has also been the lead owner of the Los Angeles Dodgers since 2012, through an ownership group he leads.
A Historic Change for the Lakers
If the NBA approves the sale, this will mark the first time since 1979 that the Buss family will no longer control the Lakers, a team that has won 17 NBA championships—the second-most in NBA history, including 11 under the Buss family’s ownership.
Jerry Buss, who bought the Lakers for $67.5 million in 1979, passed away in 2013. Control of the team then passed to a family trust, and Jeanie Buss, Jerry’s daughter, has since led the team.
Under the new agreement, Jeanie Buss will continue to serve as the Lakers’ governor, allowing her to vote on league matters at NBA board meetings, even as the family reduces its ownership stake.
For her to retain this role, she must keep at least 15% ownership in the team, a move that’s rare but not unprecedented in sports franchise ownership.
Walter’s Growing Influence
Mark Walter’s new position would add to his growing influence in the sports world, as he already has a major role with the Los Angeles Dodgers. He joined the Lakers ownership group in 2021 when Philip Anschutz sold 27% of the Lakers to Walter and his Dodgers business partner, Todd Boehly.
Walter’s involvement with the Lakers is being praised by the franchise’s past stars. Magic Johnson, a former Lakers legend and current Dodgers co-owner, took to X (formerly Twitter) to congratulate Jeanie Buss on securing the deal.
He expressed full confidence in Walter, calling him “the best caretaker of the Laker brand” and assuring Lakers fans that they should be “ecstatic” about the future of the team under Walter’s leadership.
Record-Breaking Valuation
The proposed sale of the Lakers for $10 billion resets the bar for the valuation of professional sports teams. The Lakers’ valuation is even more impressive considering the team does not own its own arena—Anschutz Entertainment Group owns and operates the Crypto.com Arena.
Just last year, Forbes ranked the Lakers as the eighth most-valuable team in the world, with an estimated worth of $7.1 billion. This sale will likely set a new precedent in the sports world.
The Lakers’ Future Under Walter
Walter’s ownership could be a turning point for the Lakers. Similar to how his Guggenheim Baseball Group turned the Dodgers into a financial powerhouse after the team filed for bankruptcy in 2011, Walter could inject additional spending power into the Lakers.
The Dodgers have since become a two-time World Series champion, backed by an $8.3 billion media rights deal with Time Warner Cable. This could have a similar transformative effect on the Lakers, providing the team with more resources to continue its legacy of success.
In summary, the sale of the Los Angeles Lakers to Mark Walter marks a historic shift in the team’s ownership, and the implications of this sale could significantly impact the future of the franchise, both financially and on the court.
