Lakers’ Ownership Shift: Buss Family to Sell Majority Stake to Mark Walter in $10 Billion Deal
The Buss family is reportedly finalizing an agreement to sell a majority stake in the Los Angeles Lakers to billionaire Mark Walter, CEO of TWG Global, according to ESPN. The landmark deal values the storied NBA franchise at a record-breaking $10 billion, making it the largest-ever sale of a professional sports team.
Mark Walter is no stranger to the Los Angeles sports scene. He currently holds ownership stakes in MLB’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks, and is expected to bring strong leadership and investment to the Lakers franchise.
Despite the sale, Jeanie Buss, who took over as principal owner after the passing of her father Dr. Jerry Buss in 2013, will remain involved with the team in her role as governor. The Buss family has overseen the Lakers through decades of success, including the iconic “Showtime” era and several NBA championships.
NBA legend Magic Johnson, who played a pivotal role in the Buss-era Lakers and is currently a co-owner of the Dodgers with Walter, welcomed the move:
“Laker fans should be ecstatic… Mark Walter is driven by excellence and will invest in winning. He’s the best choice to carry forward the Lakers’ winning tradition.”
The move follows another major ownership change in the NBA earlier this year when the Boston Celtics were sold for $6.05 billion, which was the league’s record at the time.
While the Lakers have yet to officially comment, the sale is expected to usher in a new chapter for one of the NBA’s most iconic franchises.
