The Buss family is set to sell the majority ownership of the Los Angeles Lakers to billionaire Mark Walter, in a deal that values the NBA team at around $10 billion—the highest valuation ever for a U.S. sports franchise, according to ESPN sources.
Despite the sale, the Buss family will retain a minority stake of just over 15% for a while. Jeanie Buss will stay on as the team’s governor and continue to run day-to-day operations for the next several years, as guaranteed in the agreement. Walter fully supports her continued leadership.
Mark Walter is the CEO and chairman of TWG Global, a company that holds stakes in several sports teams, including the Los Angeles Dodgers, Los Angeles Sparks, Chelsea FC (England’s Premier League), and the Professional Women’s Hockey League. His motorsports division, TWG Motorsports, owns several racing teams, including Cadillac Formula 1.
The Lakers have been in the Buss family since 1979, when Jerry Buss bought the franchise for $67.5 million. That purchase also included the LA Kings and The Forum arena. Under Buss family leadership, the Lakers have won 11 NBA titles, more than any other team since 1980.
After Jerry Buss passed away in 2013, ownership was handed down to his children, with Jeanie Buss becoming the team’s governor.
Star player Luka Doncic, who joined the Lakers in a massive February trade that sent Anthony Davis to Dallas, was reportedly informed ahead of the sale.
Walter has actually been a minority stakeholder in the Lakers since 2021, when he bought a 26% stake from Phil Anschutz. That deal also gave him the right of first refusal if the majority stake ever went up for sale.
Magic Johnson, a Lakers legend and current business partner of Walter, strongly supported the sale on social media. He called Walter “the best person” to take care of the Lakers brand and pointed to his winning record with the Dodgers, including two World Series titles and 11 division wins in the past 12 years.
Dodgers manager Dave Roberts also praised the move, saying Walter is a competitive and committed owner who will bring a winning culture to the Lakers and honor the legacy built by the Buss family.
Magic added that Jeanie wouldn’t have sold the team unless she believed Walter was the right person. He described Walter as someone who values winning, doing things the right way, and giving back. He even compared Walter to Jeanie, saying they are similar in values and both prefer to stay out of the spotlight.
Walter is also CEO of Guggenheim Partners, a financial firm managing over $325 billion in assets. Magic Johnson is one of Guggenheim’s investors.
This deal marks the end of the longest current NBA ownership, as the Buss family has run the Lakers for 46 years. The next longest-standing ownership is Herb Simon of the Indiana Pacers, who bought his team in 1983.
This potential Lakers sale follows other major ownership changes in the NBA, including Mark Cuban selling most of the Mavericks for $3.5 billion in 2023 and Wyc Grousbeck agreeing to sell the Celtics for $6.1 billion earlier this year. The Celtics sale still awaits final approval from the NBA Board of Governors, set to meet in Las Vegas next month.
