Aksel Kryhlmand
The Buss family has agreed to sell majority ownership of the Los Angeles Lakers to billionaire Mark Walter
In one of the most seismic shifts in NBA ownership history, the Buss family has agreed to sell majority ownership of the Los Angeles Lakers to billionaire Mark Walter for a franchise valuation of approximately $10 billion, sources confirmed to ESPN on Wednesday. This marks the highest sale price ever for a U.S. professional sports franchise.
A New Chapter, But a Familiar Face
While majority control will transfer to Walter, Jeanie Buss will remain the Lakers’ governor and team president for “at least a number of years,” under terms guaranteed in the agreement. The Buss family, which has owned the team since 1979, will retain a 15% minority stake in the franchise for a transitional period.
Walter, who currently owns stakes in multiple professional sports teams, including the Los Angeles Dodgers, Los Angeles Sparks, Chelsea FC, Cadillac Formula 1, and Professional Women’s Hockey League (PWHL), already held a 26% share in the Lakers after buying Phil Anschutz’s stake in 2021. That deal gave him right of first refusal for any future sale of majority control.
Endorsements From Lakers Royalty
The sale has already drawn high-profile praise, most notably from Magic Johnson, a long-time Lakers legend and business partner of Walter:
Mark Walter is the best choice and will be the best caretaker of the Laker brand. The proof is in the pudding with the Dodgers, 2 World Series titles, 11 NL West crowns. This makes all the sense in the world.
Dodgers manager Dave Roberts echoed the sentiment, calling it “a very exciting day” for the city and emphasizing Walter’s relentless drive to win.
A Legacy Spanning 46 Years
The Buss family’s 46-year reign is the longest current NBA ownership, beginning with Jerry Buss’s $67.5M purchase in 1979, a deal that also included the Kings and The Forum. During that time, the Lakers captured 11 championships, more than any team in that span, and became a global sporting brand.
After Jerry Buss passed in 2013, control was left in a trust shared by his six children. Jeanie Buss emerged as the sole controlling owner after a turbulent internal power struggle in 2017 that required court intervention.
Luka, LeBron and the Future
Sources say Luka Dončić, acquired in a blockbuster February trade that sent Anthony Davis to Dallas, was given a heads-up before the announcement. The Lakers’ offseason planning remains unaffected, with Dončić and LeBron James expected to be the centerpieces of a team seeking another title.
NBA Ownership Boom
The Lakers sale follows a broader trend of mega-transactions across the NBA:
- Dallas Mavericks (2023): Mark Cuban sold majority stake for $3.5 billion
- Boston Celtics (pending): Wyc Grousbeck’s stake being sold for $6.1 billion
The NBA’s Board of Governors is expected to review the Lakers’ sale at its next meeting in Las Vegas, as per league protocol.