LOS ANGELES — In a seismic shift for one of the NBA’s most iconic franchises, the Buss family has agreed to sell a majority stake in the Los Angeles Lakers to billionaire investor Mark Walter, in a record-shattering deal that values the team at approximately $10 billion, sources told ESPN on Wednesday.
The agreement marks the highest franchise valuation in the history of American professional sports, surpassing recent sales across the NFL, MLB, and NBA.
While Walter will assume majority ownership, the Buss family will retain a minority stake of just over 15% and, more importantly for Lakers fans, Jeanie Buss will remain as team governor and continue to lead basketball operations for the foreseeable future, according to sources familiar with the terms.
Jeanie Buss Remains at the Helm
As part of the negotiated agreement, Buss’ leadership role was guaranteed for “at least a number of years,” and insiders say Walter fully supports her continued stewardship.
This ensures continuity during what is expected to be a period of transformation, especially following the blockbuster February trade that brought Luka Dončić to Los Angeles and sent Anthony Davis to Dallas. Dončić was reportedly informed of the ownership transition ahead of Wednesday’s announcement.
Walter’s Expanding Sports Empire
Mark Walter, CEO of TWG Global, is no stranger to the sports world. He already holds stakes in the Los Angeles Dodgers, Los Angeles Sparks, Chelsea FC, and teams in the Professional Women’s Hockey League and Formula 1 via TWG Motorsports. In 2021, he acquired Phil Anschutz’s 26% stake in the Lakers, which came with the right of first refusal on any future majority sale—a right now exercised with historic impact.
Walter’s track record with the Dodgers speaks volumes. Since becoming principal owner, the team has captured two World Series titles and 11 NL West crowns in 12 seasons. That winning pedigree helped earn him endorsements from multiple sports figures—including Magic Johnson, a Lakers legend and Walter’s business partner.
“Mark Walter is the best choice and will be the best caretaker of the Laker brand,” Johnson wrote on social media. “He is driven by winning, excellence, and doing everything the right way. Jeanie sold the team to someone who shares her values—and that’s a win for all of us.”
A Legacy Passed Forward
The Lakers have been under Buss family control since 1979, when Dr. Jerry Buss purchased the franchise for $67.5 million in a landmark deal that also included the Kings and The Forum. Under the family’s stewardship, the Lakers became a dynasty, winning 11 NBA championships since 1980.
When Jerry Buss passed away in 2013, ownership was divided among his six children, with Jeanie Buss assuming the lead governance role. Her decision to sell majority control was not made lightly, insiders say, and came only after months of deliberation and assurances that the franchise would remain committed to excellence.
What’s Next?
The deal will not only reshape the power structure of one of the NBA’s premier franchises but also sets a new precedent for team valuations. It comes at a pivotal moment for the Lakers, who are retooling their roster around Dončić and seeking to return to title contention in the post-LeBron era.
For now, Lakers fans can rest easy knowing that Jeanie Buss remains in control—and that a proven winner like Walter is backing the brand moving forward.
“This is a very exciting day for the Lakers and the city of Los Angeles,” said Dodgers manager Dave Roberts. “Mark Walter will do everything he can to build a championship-caliber team. That’s just who he is.”
With a new chapter underway, the Lakers’ future may look different—but it remains firmly rooted in the franchise’s winning DNA.
