Mark Walter Buys Lakers in Historic $10 Billion Deal

LOS ANGELES, California — In a historic move, the NBA Board of Governors unanimously approved the majority sale of the Los Angeles Lakers to Mark Walter on Thursday. This transaction marks the largest professional sports franchise sale in history, signaling a pivotal shift for one of the league’s most iconic teams.

Under the agreement, Jeanie Buss and the Buss family will retain a minority stake of approximately 15 percent. Jeanie Buss will also continue as team Governor for at least the next five years, providing continuity as control transitions to Walter.

Walter expressed his excitement in an official release, stating, ‘The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness.’ NBA Commissioner Adam Silver echoed this sentiment, highlighting Walter’s long history with the league as a past minority owner of the Lakers and principal owner of the WNBA‘s Sparks.

Silver also praised the Buss family’s leadership, saying, ‘I want to thank and congratulate Jeanie Buss and the Buss family for 46 years of transformational leadership and service.’ Since her father Jerry Buss purchased the team in 1979, the Buss family has been a driving force behind the Lakers’ success.

This new ownership marks a significant change in the franchise’s business and basketball strategy, while still honoring its storied legacy. The deal is valued at around $10 billion, setting a record for professional sports teams and raising expectations on and off the court.

Walter’s majority ownership raises questions for Lakers fans, such as potential changes in the front office and adjustments in basketball priorities. Despite the leadership change, Jeanie Buss will continue managing the team’s daily operations ‘for the foreseeable future,’ providing a familiar presence in the franchise.

The Lakers are at a crucial time, transitioning under new coach JJ Redick, with stars like Luka Doncic and LeBron James. This transition will intersect with the new ownership as the franchise aims to define its identity for the next decade.