After 46 years, during which they turned the Lakers into a sports dynasty in the NBA and a well-known commercial brand worldwide, the Buss family decided to sell control of the Los Angeles Lakers to businessman Mark Walter, CEO and founder of the TWG Global holding company.
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The agreement, in which the final details are being adjusted, is for at least 10 billion dollars but could rise to $12 billion, according to The Athletic.
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In either of those two scenarios, it will become the biggest sale in the world history of sports.
Shams Charania, of ESPN, was the first to report on this deal.
Jeanie Buss, 63, will continue to serve as the team’s governor in the short term, that is, the top executive and representative to the NBA, a decision that is part of a family estate planning strategy.
The Lakers beat the Celtics
The sale of the Lakers significantly surpasses the previous record, set precisely by the Celtics, also from the NBA, whose transaction was valued at 6.1 billion dollars in March of this year.
The difference in valuation between the Lakers and the Celtics is striking, as the Boston team has 18 titles and the Los Angeles team has 17. Both are powerful sports and commercial brands, although the Lakers are part of a vastly larger market than that of the city of Massachusetts.
According to Forbes, in its annual ranking of the most valuable sports franchises, the Lakers were listed as the eighth most valuable organization in the world in 2024, with an estimated worth of 7.1 billion dollars. The agreed-upon sale price far exceeds that figure.
Who is the new owner of the Lakers?
Mark Walter had already been part of the team’s ownership group since July 2021, when he and his partner Todd Boehly acquired a 27% minority stake in the franchise. This move gave them the preferential right to acquire the majority of shares in case the Buss family decided to sell.
In addition to his connection with the Lakers, Walter is the president and majority owner of the Los Angeles Dodgers, the current champions of Major League Baseball, and has interests in other sports, including the Los Angeles Sparks of the WNBA, the Billie Jean King Cup tournament, and the Cadillac team that will debut in Formula 1 in 2026.
Magic Johnson, one of the historical figures of the Lakers and a member of the investment group with which Walter acquired the Dodgers, celebrated the sale of the team. “A couple of things I can tell you about Mark: he is motivated to win, excellence, and doing everything right. And besides, he will invest the necessary resources to win! I understand why Jeanie sold the team to Mark Walter, because they are alike... This makes all the sense in the world.”
The end of an era full of titles and showtime
Since 1979, the Buss family had been at the helm of the Lakers, after Jerry Buss acquired the team and started one of the most successful eras in sports history. Under his leadership and that of his daughter Jeanie, the team won 11 of the 18 NBA titles it has.
Buss changed the face of the Lakers and through the team also the NBA, inaugurating the “showtime” era, with a more dynamic and entertaining game on the court, and cheerleaders off the court.
Jerry Buss passed away in 2013.
In these 46 years, great players like Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, Shaquille O’Neal, and LeBron James have passed through the Lakers. The latest big name to sign with the Los Angeles team is Luka Doncic, who signed in February.