Buss Family to Transfer Control of Lakers to Mark Walter in Historic $10 Billion Deal

The Buss family has reached an agreement to sell the controlling interest in the Los Angeles Lakers to Mark Walter, the CEO of TWG Global and owner of the Los Angeles Dodgers. This transaction values the franchise at an unprecedented $10 billion, marking the highest valuation ever recorded for a professional sports team, according to a source familiar with the arrangement.

Jeanie Buss, who has overseen the team since her father acquired it in 1979, plans to continue her role as the team's governor following the sale. The exact proportion of the Lakers being acquired by Walter remains unclear; however, he previously purchased a 27% stake in the team in 2021. After the completion of this deal, Jeanie Buss is expected to retain at least a 15% stake in the franchise, aligning with NBA regulations that require a team governor to maintain a minimum ownership level.

Walter, who already holds controlling interests in several sports franchises including the Dodgers and Chelsea FC, also oversees various auto racing teams through TWG Motorsports.

Mark Walter's acquisition signals a significant transition for the Lakers, a team that has been under the Buss family's ownership for 46 years--the longest tenure of any current NBA franchise. Jerry Buss, the family patriarch, purchased the Lakers for $67.5 million and led them to 10 championships during his tenure. After his passing in 2013, control of the team was entrusted to his six children, who have all played roles within the organization over the years.

The decision to sell comes amidst a competitive landscape in the NBA, with other franchises also changing hands for record prices. Just months prior, Bill Chisholm's pending acquisition of the Boston Celtics was valued at $6.1 billion, which was previously considered a record before the Lakers' valuation emerged.

Current Lakers players and management have expressed optimism regarding Walter's ownership. Notable figures such as Magic Johnson, a former Lakers star, voiced strong support for Walter, highlighting his commitment to excellence and resource allocation necessary for success. Johnson emphasized that fans should be excited about Walter's appointment, indicating that he shares a competitive spirit similar to that of Jeanie Buss.

The sale of the Lakers not only reflects the franchise's storied history but also sets a new benchmark in the sports industry, raising questions about the future direction of the team under Walter's stewardship.