The Buss family is reportedly entering an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, the CEO and chairman of diversified holding company TWG Global. Jeanie Buss will continue to serve in her role as Governor after the sale.
Walter is also the lead owner of the Los Angeles Dodgers, as well as an investor in the English Premier League club, Chelsea FC. He has also been an investor in the Lakers since 2021.
The Buss family has been in control of the Lakers since 1979 when Jerry Buss bought the Lakers from Jack Kent Cooke for $67.5 million, and the franchise passed to his children when he passed away in 2013. Now the iconic, 17-time championship organization is entering an agreement to sell majority interest.
The Guggenheim Baseball Management group, led by Magic Johnson, Stan Kasten and Mark Walter introduced at a press conference in center field at Dodger Stadium after purchasing the team in 2012. (Photo by Robert Gauthier/Los Angeles Times via Getty Images)
Walter’s purchase of majority ownership of the Lakers from the Buss family has a reported valuation of approximately $10 billion, the largest sale of a professional sports franchise in the world. In comparison, recent sales of NBA franchises include Mark Cuban selling his majority stake in the Dallas Mavericks for $3.5 billion and Wyc Grousbeck selling his majority stake in the Boston Celtics for $6.1 billion.
Moreso, under Walter and his ownership group, the Dodgers have shown a willingness and an eagerness to spend gobs of money to acquire talent, leading to World Series victories in 2020 and 2024. The Lakers haven’t had that luxury under the control of the Buss family. This change of hands could lead to the Lakers being more open to exceeding the NBA salary cap and paying luxury tax bills.
This is a developing story and will be updated.
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