Buss family to sell Lakers to Mark Walter for $10B valuation

You’ve hit on some massive news in the sports world! The Buss family has indeed agreed to sell a controlling stake of the Los Angeles Lakers to Mark Walter, with the deal valuing the franchise at an astounding $10 billion.

This is a record-breaking valuation for any professional sports franchise globally, shattering previous marks set by recent sales of the Boston Celtics ($6.1 billion) and the NFL’s Washington Commanders ($6.05 billion).

• The Buyer: Mark Walter, CEO of TWG Global and chairman/primary owner of the Los Angeles Dodgers, is the one acquiring the controlling interest. Walter was already a minority owner in the Lakers, having bought a 27% stake in 2021. His extensive sports portfolio also includes Premier League club Chelsea, the Professional Women’s Hockey League, and several auto racing teams through TWG Motorsports.
• Valuation: The deal values the iconic Los Angeles Lakers franchise at $10 billion.

• Jeanie Buss’s Role: Crucially, as part of the agreement, Jeanie Buss will remain as the team’s governor. This means she will continue to represent the Lakers in league meetings and likely maintain a significant role in basketball operations, ensuring continuity for the franchise her father, Jerry Buss, purchased in 1979.

• What’s Being Sold: The Buss family is selling their controlling stake in the team. It’s not yet clear exactly what percentage of the team Walter is acquiring to achieve majority ownership, but prior to this, the Buss family trust owned approximately two-thirds (66%) of the Lakers.

• Historical Context: Dr. Jerry Buss bought the Lakers (along with the Kings and the Forum) for $67.5 million in 1979. Under his and then his daughter Jeanie’s leadership, the Lakers have won 11 NBA championships and become one of the most valuable and recognizable sports brands globally.

• Implications: This sale marks a significant shift in the ownership landscape of one of the NBA’s most storied franchises. Walter’s track record with the Dodgers, where he has been known for aggressive spending and securing championships, suggests a continued commitment to winning for the Lakers. Magic Johnson, a close business partner of Walter and deeply connected to Jeanie Buss, publicly expressed his excitement, stating that Walter is “driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win!”

This is a developing story, with more specific details about the percentage of ownership transferred and the exact financial terms expected to be released soon.