Buss Family Sells Los Angeles Lakers to Mark Walter in Record $10 Billion Deal

The Los Angeles Lakers, a storied franchise in the NBA, is changing hands after more than four decades under the Buss family. According to ESPN's Shams Charania, the Buss family has entered an agreement to sell a majority ownership of the NBA franchise to Mark Walter, the CEO and chairman of TWG Global. Walter is also the primary owner and chairman of the Los Angeles Dodgers and owns stakes in Chelsea in the English Premier League, an F1 team, and the WNBA's Los Angeles Sparks, among other things. He currently holds a minority stake of 26% in the Lakers as well. The deal is expected to have a valuation of approximately $10 billion, making it the largest sale of a professional sports franchise in the world. The Buss family reportedly will keep a minority share of about 15% for at least some time. Jeanie Buss, who has been the team's governor since 2013, will continue in that role for the foreseeable future after the sale. Jerry Buss first purchased the Lakers in 1979 for $67.5 million in a deal that also included the NHL's Los Angeles Kings and The Forum in Inglewood, California. The franchise passed down to his children after he died in 2013. The Buss family has owned about two-thirds of the Lakers prior to this sale. Walter first joined the Lakers' ownership group in 2021 and had the first right of refusal to purchase the Buss family's 66% share after he bought Phil Anschutz's stake of 26 percent in 2021. Lakers Hall of Fame point guard Magic Johnson, who has played, coached, and served as president under the Buss family and is part of the Dodgers ownership group with Walter, congratulated both sides on the agreement. "Laker fans should be excited," Johnson wrote on X. "A few things I can tell you about Mark - he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike." While Jeanie is still set to control the Lakers, the Buss family selling the franchise marks the end of an era for the team that has led the NBA in a number of ways for decades. The Lakers have shone under the Buss family's leadership and become one of the premier franchises in all of sports. They've won 11 NBA titles under