Magic Johnson shared his honest thoughts on Jeanie Buss selling Los Angeles Lakers for a whopping $10 billion: 'Largest sports franchise sale in history'
Magic Johnson and Jeanie Buss. Image via: Getty Images | Netflix
The Los Angeles Lakers legend Magic Johnson could not hide his feelings after a bombshell report that the franchise was being sold. In a stunning move that has redefined sports business history, the Los Angeles Lakers— one of the NBA's most valuable franchises— has been sold for a record-breaking $10 billion.
Jeanie Buss and her family agreed to sell their 66% majority stake to billionaire Mark Walter, CEO of TWG Global and Guggenheim Partners. The transaction, first reported by ESPN's Shams Charania, makes it the largest sale of a professional sports franchise ever, surpassing the Boston Celtics' $6.1 billion mark earlier this year.
Magic Johnson praises Jeanie Buss and Mark Walter in heartfelt reaction to record-setting
Lakers sale
Magic Johnson, the face of the Los Angeles Lakers' greatness and a longtime close friend of Jeanie Buss, had no hesitation in applauding her decision and the legacy she now leaves behind.
Taking to X, Johnson poured out a series of personal and public reflections.
'Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the @Lakers legacy and tradition of winning - Mark Walter, my business partner and friend! Mark Walter is the best choice and will be the best caretaker of the Laker brand. 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!' Johnson wrote.
Mark Walter, already a minority stakeholder in the Lakers since 2021, also owns the Los Angeles Dodgers, the WNBA's Sparks, and interests in Chelsea FC and a Formula 1 team. His entry into majority ownership, as confirmed to CNBC, is viewed not just as a business move but as a strategic continuation of LA's winning culture.
'Laker fans should be ecstatic. 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! 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. I am so so SO happy and excited for @Lakers fans all over the world!!' Johnson added.
The sale marks the end of a 46-year legacy that began when Dr. Jerry Buss purchased the Lakers for $67.5 million in 1979. Under the Buss family's leadership, the franchise flourished, capturing 11 NBA championships and becoming a global brand. Jeanie Buss, who took over as governor in 2013 following her father's passing, will retain her position and a minority share post-sale.
'Just like I thought, when the Celtics sold for $6B, I knew the Lakers were worth $10B!' Johnson stated, referencing the Celtics' March 2025 sale to private equity executive Bill Chisholm.
Despite the mammoth valuation, the Lakers' home—Crypto.com Arena—is not included in the deal, which makes the sheer franchise value even more staggering.
'I know that my sister Jeanie would have only considered selling the Lakers organization to someone she knows and trusts would carry on the Buss legacy, started by her father Dr. Buss. Now she can comfortably pass the baton to Mark Walter, with whom she has a real friendship and can trust.
She's witnessed him build a winning team with the Dodgers and knows that Mark will do right by the Lakers team, organization, and fans! Both are extremely intelligent, visionaries, great leaders, and have positively impacted the greater Los Angeles community! I love both my sister @JeanieBuss and my business partner Mark Walter,' Johnson shared in another post.
The sale, which still requires formal league approval, is expected to close within months.
For Johnson, the emotion was palpable when he spoke directly to Jeanie.
'I just talked to my sister Jeanie Buss to tell her congratulations, and that I'm so happy for her and family. I told her that her dad Dr. Buss would be very proud of her for getting $10B for the Lakers, the largest sports franchise sale in history!' he wrote.
Also Read:
Los Angeles Lakers $10 Billion Sale Shatters Sports Franchise Records; Buss Family Makes NBA History
The Lakers, with 17 NBA championships and a global fanbase, are entering a new era. But with Jeanie Buss still seated at the executive table and Mark Walter's proven record of success, Johnson's enthusiastic approval signals confidence that the purple and gold's proud tradition is in steady hands.
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