Image courtesy: Los Angeles Lakers/ X
Tthe Los Angeles Lakers (LA Lakers) are set to change hands in a landmark deal, with minority owner Mark Walter reportedly acquiring the family’s majority stake for $10bn, according to ESPN and multiple reports, making it the most expensive sale of a US professional sports franchise ever.
The Buss family, owners since 1979 when Jerry Buss purchased the team for $67.5m, agreed to the sale in a move approved by the NBA’s board of governors.
Post-sale, Jeanie Buss is expected to remain as team governor and the family will retain just over 15 per cent of shares for a period. Walter, already a 27 per cent stakeholder since a 2021 investment, will take majority control, it is reported.
Walter is CEO and chairman of TWG Global, co-owner of the Los Angeles Dodgers, Sparks, Chelsea FC, and the Cadillac Formula 1 team.
His purchase follows earlier buys of a 26–27 per cent stake in the LA Lakers for approximately $1.35bn, secured with first refusal rights on the majority share.
Celebratory reaction at the sale
Magic Johnson, former Lakers star and Dodgers co-owner, posted on X: “Laker fans should be ecstatic. A few things I can tell you about Mark … he is driven by winning, excellence, and doing everything the right way.”
He added Walter will “put in the resources needed to win,” praising Jeanie Buss for choosing a successor aligned with the Lakers legacy.
LA Dodgers manager Dave Roberts also tweeted that Walter is competitive and prepared to build a championship-calibre Lakers team.
The valuation eclipses recent high-profile NBA team sales: Mavericks (circa$3.5 bn), Celtics ($6.1 bn), and Suns/Mercury ($4bn). It also tops other major US sports deals.
What comes next for the LA Lakers
The NBA’s board of governors is expected to review the transaction. The LA Lakers have not yet issued an official statement. Walter’s track record with the Dodgers and Sparks suggests continued emphasis on investment in player talent, facilities, and franchise growth.
