Sources indicate the Buss family is finalizing an agreement to sell a controlling interest in the Los Angeles Lakers to Mark Walter. The transaction reportedly values the franchise at approximately $10 billion, setting a new benchmark as the highest valuation ever recorded for a professional sports team in the United States.
According to one source, the Buss family intends to maintain a minority ownership stake in the team, specifically just over 15%, for a defined period.
Furthermore, sources familiar with the deal informed ESPN that Jeanie Buss will retain her position as the Lakers` governor and will continue to manage the team`s operations for “at least a number of years.” The agreement is said to guarantee Buss`s continued leadership role for the foreseeable future, a plan fully endorsed by Walter.
Walter, who serves as CEO and chairman of the diversified holding company TWG Global, has been a minority owner of the Lakers since 2021. He acquired Phil Anschutz`s 26% share at that time, a purchase that also granted him a right of first refusal on the team`s majority ownership.
Walter and TWG Global possess interests in a variety of professional sports entities, including baseball`s Los Angeles Dodgers, basketball`s Los Angeles Sparks, English Premier League club Chelsea, and the Professional Women`s Hockey League. Through TWG Motorsports, Walter also owns several auto racing teams, notably participating in Cadillac Formula 1.
The Lakers franchise has been under the ownership of the Buss family since 1979. In a $67.5 million deal, Jerry Buss purchased the team from Jack Kent Cooke, a transaction that also included the Los Angeles Kings and the Forum arena. Since 1980, the Lakers have secured 11 NBA championships, which is the most titles won by any NBA team during that particular timeframe.
Following Jerry Buss`s passing in 2013, the team`s ownership transferred into a trust overseen by his six children, many of whom had previously held various roles within the Lakers organization for years. A significant agreement was reached in 2017, establishing Jeanie Buss as the controlling owner. This resolved a legal conflict stemming from her brothers, Jim and Johnny Buss, calling a board meeting that she perceived as a challenge to her authority, particularly after she had removed Jim Buss from his position as executive vice president of basketball operations.
Sources confirmed to ESPN that the proposed sale of the team to Walter received approval from the Buss siblings through a majority vote.
According to sources speaking with Ramona Shelburne, Lakers star Luka Doncic, who was acquired in the significant February trade that sent Anthony Davis to the Dallas Mavericks, received a brief advance notification about the pending purchase agreement.
Lakers legend Magic Johnson, who is both a business associate of Walter and close to Jeanie Buss, publicly supported the move in a series of social media posts, suggesting that Lakers fans should feel “ecstatic.”
On X, Johnson wrote, “Mark Walter is the best choice and will be the best caretaker of the Laker brand.” He pointed to Walter`s achievements with the LA Dodgers as clear evidence of his capabilities: “The proof is in the pudding on what he`s been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner notching 2 World Series and 11 NL West divisional titles in the last 12 years!”
Los Angeles Dodgers manager Dave Roberts commented on the news of the sale, describing it as “a very exciting day for the Lakers, for the city of Los Angeles.”
Roberts added, “He`s very competitive, and he`s going to do everything he can to produce a championship-caliber team every single year and make sure the city feels proud about the Lakers and the legacy that they`ve already built with the Buss family.”
Johnson expressed his certainty that Jeanie Buss would only have agreed to the deal after being fully convinced that Walter would act in the best interest of the Lakers organization.
Johnson further elaborated on his perspective: “A few things I can tell you about Mark — he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win!” He continued, “I can understand why Jeanie sold the team to Mark Walter because they are just alike — they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world.”
Walter, who generally avoids public attention, also holds the position of CEO at the financial services firm Guggenheim Partners, which is estimated to manage over $325 billion in assets. Magic Johnson is reported to be one of the investors in Guggenheim.
The Buss family`s oversight of the Lakers lasted for 46 years, representing the longest continuous ownership period of any currently operating NBA franchise. Herb Simon`s acquisition of the Indiana Pacers in 1983 marks the second-longest current ownership tenure in the league.
The pending Lakers sale is notable as it follows two recent major transactions involving individuals closely connected to Jeanie Buss within the NBA`s community of governors. Mark Cuban completed the sale of a majority stake in the Dallas Mavericks for $3.5 billion in 2023, and Wyc Grousbeck reached an agreement to sell the Boston Celtics to Bill Chisholm for $6.1 billion approximately three months ago. The Celtics sale is still awaiting final approval from the NBA`s board of governors, whose next meeting is scheduled for Las Vegas next month.
