In a historic U.S. sports deal, the Los Angeles Lakers are selling their majority stake to billionaire investor Mark Walter. The estimated $10 billion deal will surpass all previous franchise transactions. This will mark the end of the Buss family’s 45-year reign over the legendary NBA team.
The Buss family, which has owned the Lakers since 1979, has reportedly reached an agreement with Walter, CEO of TWG Global.
Mark Walter Set to Buy Majority Stake in Lakers for Record $10 Billion
While Walter already holds a 20% stake since 2021, this new acquisition will grant him majority control. A spokesperson for Walter confirmed the move: “Mark Walter is agreeing to acquire additional interests in the NBA’s Los Angeles Lakers.”
Walter is no stranger to the world of sports ownership. He also owns a controlling stake in the Los Angeles Dodgers, who won the World Series in 2020 under his leadership. His global sports investments include Chelsea Football Club and the soon-to-debut Cadillac Formula 1 Team.
Jeanie Buss to Remain Governor as Legacy Enters New Chapter
The Buss family currently holds a 66% stake in the team through a trust shared by the late Jerry Buss’s six children. According to the Los Angeles Times, a majority of the siblings had to approve any sale. Despite the change in ownership, Jeanie Buss will remain as the team’s governor under the terms of the agreement.
NBA icon Magic Johnson expressed his support for the transition on social media, saying, “I just talked to my sister Jeanie Buss to tell her congratulations… Mark will do right by the Lakers team, organization, and fans!”
This blockbuster deal follows the $6.1 billion sale of the Boston Celtics in March, which itself had broken the record previously held by the Washington Commanders. Now, with a $10 billion price tag, the Lakers’ sale is set to rewrite the history of American sports economics.