Buss family to sell Lakers to Mark Walter in record-breaking $10 billion deal: Reports
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The Los Angeles Lakers are poised to make history as the Buss family reportedly finalises the sale of the franchise to billionaire Mark Walter , valuing the team at a staggering $10 billion, according to media reports.According to ESPN, the Buss family, current owners of the Lakers, are set to sell their controlling interest in the franchise to billionaire Mark Walter, who already holds a minority stake in the team.While Jeanie Buss is expected to remain in her role as Lakers governor, the deal would bring an end to the Buss family's 46-year reign over the storied NBA franchise.Walter, the prospective new majority owner, is the CEO of TWG Global , a holding company with an extensive portfolio of professional sports properties.TWG owns the Los Angeles Dodgers and Los Angeles Sparks, and Walter is also part of the ownership group of Premier League club Chelsea.In addition, TWG holds ownership stakes in the Billie Jean King Cup tennis tournament and the Cadillac Formula One team, further expanding its global sports footprint.According to a source cited by ESPN, the Buss family will retain a minority stake in the Lakers, just over 15%, for a period of time following the sale.While further details of the deal have yet to be disclosed, Lakers legend Earvin 'Magic' Johnson - a longtime business associate of Walter - was among the first to respond to news of the agreement."Laker fans should be ecstatic," Johnson wrote on X."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."Jerry Buss purchased the Lakers in 1979 as part of a $67.5 million deal that also included the Los Angeles Kings and the Kia Forum arena.Under his leadership, the Lakers became the most successful NBA franchise in terms of championships, making 17 Finals appearances and winning 11 titles during the Buss family's tenure.Following his death in 2013, ownership passed to his six children through a trust, which holds a 66% stake in the franchise. Jeanie has served as team governor since then and is expected to retain that role under the reported sale to Walter.According to the Los Angeles Times, the trust required a majority of the six siblings to approve any sale. The team, currently led by LeBron James, has reached the playoffs in each of the past three seasons but failed to advance past the early rounds.
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Los Angeles Lakers to be sold for record-breaking $10 billion, current owner Jeanie Buss to remain governor
The Buss Family has agreed to sell the controlling stake of the Los Angeles Lakers, the NBA team they have owned since 1979, to TWG Global CEO Mark Walter with a franchise valuation of $10 billion – the highest-ever for a professional sports franchise. read more The Buss family has agreed to sell the controlling stake of the Los Angeles Lakers to TWG Global CEO Mark Walter, doing so with a franchise valuation of $10 billion (roughly Rs 86,000 crore) — the highest ever for a professional sports franchise, a person with knowledge of the agreement said Wednesday. As part of the deal, Jeanie Buss — whose family has had control of the Lakers since her father bought the team in 1979 — intends to remain as team governor, said the person, who spoke to The Associated Press on condition of anonymity because neither side immediately announced details. STORY CONTINUES BELOW THIS AD It is not clear how much more of the Lakers that Walter is acquiring. He was part of a group that bought 27% of the Lakers in 2021. Jeanie Buss will still own at least 15% of the Lakers once this transaction is completed; by NBA rule, a governor must have at least that much of an ownership stake. Walter and TWG Global already had the controlling interest in the Los Angeles Dodgers, Premier League club Chelsea, the Professional Women's Hockey League, and — through TWG Motorsports — owns several auto racing teams including Cadillac Formula 1. Dodgers manager Dave Roberts said news of the sale to Walter marks 'a very exciting day for the Lakers, for the city of Los Angeles.' '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,' Roberts said. ESPN first reported the agreement. 'Mark Walter is the best choice and will be the best caretaker of the Laker brand,' Lakers legend Magic Johnson, a business partner of Walter's and someone extremely close to Jeanie Buss, posted on social media. '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!' STORY CONTINUES BELOW THIS AD Johnson said he is certain Jeanie Buss made the deal only after being convinced that Walter will do right by the Lakers. 'Laker fans should be (ecstatic),' Johnson said. '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 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! — Earvin Magic Johnson (@MagicJohnson) June 18, 2025 STORY CONTINUES BELOW THIS AD Walter is intensely private in shunning the spotlight. He is CEO of the financial services firm Guggenheim Partners, which is estimated to have more than $325 billion in assets. Johnson is among Guggenheim's investors. The agreement for the sale of the Lakers comes about three months after Bill Chisholm agreed to buy the Boston Celtics with an initial valuation of $6.1 billion — which was going to be a record, topping the previous mark of $6.05 billion sale for the NFL's Washington Commanders. The Celtics' sale is not yet finalized, pending final approval by the NBA's board of governors. That board is scheduled to meet in Las Vegas next month. STORY CONTINUES BELOW THIS AD And now, the Lakers are sold with a valuation of $10 billion — not just a record, but a total smashing of the previous mark. Jeanie Buss has served as controlling owner of the Los Angeles Lakers since 2017 and will continue to occupy the position of governor. AP The Lakers have been in the control of the Buss family for 46 years, the longest of any current NBA franchise. Herb Simon bought the Indiana Pacers — currently in the NBA Finals — in 1983, the second-longest current ownership of an NBA club. Jerry Buss bought the Lakers for $67.5 million and made it to the NBA Finals 16 times out of his 34 seasons leading the club, winning 10 championships in that span. When he died in 2013, ownership of the Lakers went into a trust controlled by Buss' six children — who all worked for the Lakers in various capacities for several years. Eventually, the family began clashing over control. An agreement was struck in 2017 calling for Jeanie Buss to serve as controlling owner, ending a battle that included her going to court after her brothers Jim and Johnny Buss called for a board meeting that she interpreted as a challenge to her power — shortly after she removed Jim Buss as the Lakers' executive vice president of basketball operations. STORY CONTINUES BELOW THIS AD
