Buss Family Agrees to Sell Lakers for Record $10 Billion

Los Angeles, CA — The Buss family has reached an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter for a record valuation of approximately $10 billion, sources told ESPN.

The deal marks a significant milestone in basketball history as it represents the largest sale of a sports franchise to date. The Buss family will retain a minority stake of just over 15% in the team. Jeanie Buss will continue in her role as governor of the Lakers following the sale.

Walter, the CEO and chairman of TWG Global, has a diverse portfolio that includes ownership stakes in various sports franchises. He has been involved with the Lakers since 2021 when he acquired a minority share in the team.

The Lakers have been in the Buss family since 1979, when Jerry Buss purchased the team from Jack Kent Cooke for $67.5 million. Since taking ownership, the family has guided the Lakers to 11 championships, the most for any NBA team during that period. The last championship win came in 2020.

Mark Cuban and Wyc Grousbeck are among notable owners who have sold majority stakes in their teams over the past two years, making the landscape of sports ownership more competitive.

Lakers legend Magic Johnson expressed support for the deal, stating that Walter is the right person to carry on the team’s winning tradition. “Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the Lakers legacy,” Johnson said.

The sale comes at a time when the Lakers are looking to compete at a high level. While they have made significant investments in star players like LeBron James, the team has sought to be strategically economical in other areas, raising questions about future spending for support staff.

Jeanie Buss previously stated her commitment to keeping the team within the family, saying it was important to her father’s legacy. However, discussions regarding the exact structure and governance of the team after the sale remain speculative.

With this transaction, Walter takes on a powerful role as the owner of both the Lakers and the Los Angeles Dodgers, potentially shaping the future of sports in Los Angeles.