The Buss family has agreed to sell its controlling stake in the Los Angeles Lakers to billionaire investor Mark Walter. The deal is said to amount to approximately $10 billion according to ESPN, and would become the highest valuation ever for a U.S. professional sports franchise if the league approves.
The Buss family will still retain a minority share of the Lakers, somewhere around 15%, with Jeanie Buss expected to continue as the franchise’s governor. Walter is the chief executive of TWG Global, a holding company, and is more known for being the co-owner of the Los Angeles Dodgers. He also invests in other prominent sports teams such as the WNBA’s Los Angeles Sparks and Premier League soccer club Chelsea. He first became involved with the Lakers in 2021, when he purchased a 26% minority stake from then-co-owner Phil Anschutz. This gave Walter the right of first refusal on any future sale of the team’s majority share.
For the Lakers, this impending transfer of ownership marks the end of a 46-year era under the Buss family; this was the longest active ownership tenure in the NBA. Dr. Jerry Buss purchased the team in 1979, and over the ensuing decades, the franchise captured 11 NBA championships under the Buss family. The sale to Walter closes that chapter of Lakers history and sets a new benchmark for franchise valuations, as the roughly $10 billion price tag dwarfs previous NBA team sales.