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

The Buss family has reached an agreement to sell the majority ownership of the Los Angeles Lakers to Mark Walter, marking a franchise valuation of approximately $10 billion—an unprecedented figure for any U.S. professional sports team.

Under the terms of the agreement, the Buss family will retain a minority stake of just over 15% for the foreseeable future. Furthermore, Jeanie Buss is set to maintain her role as the Lakers’ governor and will continue to manage the team “for at least a number of years,” ensuring continuity within the franchise.

This arrangement was reportedly a key part of the deal, with Walter fully endorsing Buss’s leadership, according to sources close to the negotiations.

Walter, who serves as the CEO and chairman of TWG Global, has had a stake in the Lakers since 2021, when he acquired Phil Anschutz’s 26% share. 

In addition to the Lakers, Walter’s interests span several professional sports organisations, including the Los Angeles Dodgers, Los Angeles Sparks, and Premier League club Chelsea. He also owns various auto racing teams through TWG Motorsports, including a Formula 1 team.

Lakers star Luka Doncic was reportedly informed shortly before the announcement about the purchase agreement, which indicates a smooth flow of communication within the organisation during this crucial time.

Lakers legend Magic Johnson, who is a business associate of Walter and maintains a close relationship with Jeanie Buss, hailed the move on social media. He expressed confidence that Walter is the right choice, citing his successful stewardship of the Dodgers, where he has won two World Series and multiple division titles.

Dodgers manager Dave Roberts echoed this sentiment, highlighting Walter’s competitive nature and commitment to building a championship-winning Lakers team that honors the legacy of the Buss family.

Johnson expressed his belief that Jeanie Buss made this strategic decision with full confidence in Walter’s capabilities, providing reassurance about the direction in which the Lakers are headed.

Walter, a figure who prefers to remain out of the public eye, is also CEO of Guggenheim Partners, a financial services firm managing over $325 billion in assets, further underscoring the financial stability he brings to the Lakers.

For 46 years, the Buss family has held the longest ownership tenure of any current NBA franchise. In comparison, Herb Simon’s acquisition of the Indiana Pacers in 1983 represents the second-longest ownership period among NBA teams.

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