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The Buss family is set to sell the majority ownership of the Los Angeles Lakers to Mark Walter, CEO and chairman of TWG Global, marking a significant change in the NBA landscape. Walter, who already holds a minority stake in the Lakers and is the primary owner of the Los Angeles Dodgers, will acquire the team in a deal valued at approximately $10 billion, making it the largest sale of a professional sports franchise in history.
The Buss family has controlled the Lakers since Jerry Buss purchased the team in 1979 for $67.5 million, a deal that also included the NHL's Los Angeles Kings and The Forum. After Jerry Buss passed away in 2013, ownership passed to his children, with Jeanie Buss serving as the team's governor. Jeanie will continue in her role even after the sale, according to Yahoo Sports.
Walter, who also owns stakes in Chelsea FC, an F1 team, and the WNBA's Los Angeles Sparks, is known for his willingness to invest heavily in his teams. Under his leadership, the Dodgers have won World Series titles in 2020 and 2024, and there is speculation that his ownership could lead to increased spending for the Lakers, potentially exceeding the NBA salary cap, as reported by Fox Sports.
The sale marks the end of an era for the Lakers, a franchise that has won 11 NBA titles under the Buss family's leadership, including a three-peat from 2000-2002 with head coach Phil Jackson and star Kobe Bryant. The Lakers' recent acquisition of Dallas Mavericks superstar Luka Dončić has also made headlines.
Specific details of the sale, such as the exact percentage of the team Walter will acquire, have not been disclosed. The Lakers are currently valued at around $7 billion, making them the third-most valuable NBA team behind the New York Knicks and Golden State Warriors, according to a CNBC report cited by Yahoo Sports.