The Buss family has decided to sell the controlling stake of the Los Angeles Lakers to Mark Walter, the CEO of TWG Global. The franchise is valued at a staggering $10 billion—setting a new record for professional sports teams. Jeanie Buss, who has been at the helm since her father bought the team in 1979, will continue as team governor.
Although it’s unclear how much of the team Walter will acquire, he previously bought 27% of the Lakers in 2021. Jeanie Buss will retain at least 15% ownership, as required by NBA rules for governors.
Walter already holds significant interests in other sports franchises, including the Los Angeles Dodgers and Chelsea Football Club. Dodgers manager Dave Roberts welcomed the news, stating that it marks an exciting new chapter for the Lakers and the city of Los Angeles. He believes Walter’s competitive spirit will lead the team to continued success.
Magic Johnson, a Lakers legend and close associate of both Walter and Jeanie Buss, expressed confidence in the new arrangement. He emphasized that Walter is committed to excellence and will ensure the Lakers maintain their proud legacy. Johnson is optimistic that Laker fans will be thrilled with this transition.
The $10 billion sale far surpasses the previous record for a sports franchise, which was recently set by a $6.1 billion deal for the Boston Celtics. The Celtics’ deal is still pending approval but demonstrates the booming valuation of sports teams.
The Buss family has had a long and storied history with the Lakers, having owned the team for 46 years. Jerry Buss purchased the franchise for $67.5 million and led them to immense success, winning 10 NBA championships during his tenure. Since his passing in 2013, Jeanie Buss has been navigating complex family dynamics but emerged as a strong leader, ultimately ensuring the legacy of the team continues under capable stewardship with Walter.
This sale is not just a financial transaction; it symbolizes a new era for one of the most iconic teams in sports history, continuing a tradition of excellence that fans have come to expect.
