Buss Family Approves Sale of Majority Stake in Los Angeles Lakers to Mark Walter

LOS ANGELES: The Buss family is poised to transfer a controlling interest in the Los Angeles Lakers to Mark Walter, signaling a shift for the iconic NBA franchise. The Buss family has been at the helm since 1979.

Reports indicate that the Buss Family has agreed to sell the majority ownership to Walter, the Chairman and CEO of TWG Global. The deal reportedly values the Lakers at $10 billion, potentially setting a new benchmark for the highest-ever valuation in a professional sports team transaction.

The Boston Celtics recently underwent an ownership transition in March, with Bill Chisholm’s investment group acquiring the franchise for $6.05 billion, which was a league record at that time.

Walter is already involved in Los Angeles sports. He currently holds shares in the Los Angeles Dodgers (MLB) and the Los Angeles Sparks (WNBA).

Under the guidance of the late Jerry Buss, the Lakers became a prominent force in professional sports, securing five championships during the “Showtime” era of the 1980s.

Following Jerry Buss’s passing in 2013, his daughter, Jeanie Buss, assumed the role of principal owner, solidifying her position as a significant figure in the sports industry.

Reports confirm that Jeanie Buss will remain as governor following the sale.

Lakers Hall of Famer Earvin “Magic” Johnson, a former player, coach, and executive, expressed his congratulations to both parties involved in reaching the agreement.

In a post on X, Johnson stated, “Laker fans should be ecstatic. I can share that Mark is motivated by winning, achieving excellence, and conducting business ethically.

He will allocate the necessary resources to secure victories! I understand why Jeanie chose to sell the team to Mark Walter; they share similar values.

Well done to my sister Jeanie Buss for negotiating an outstanding agreement and selecting the ideal individual to uphold the Lakers’ legacy and winning tradition… Mark Walter is an excellent selection and will be an exceptional steward of the Laker brand.”