Buss Family to Sell Majority Ownership of Los Angeles Lakers to Mark Walter in Record-Breaking $10 Billion Deal
In a landmark moment for professional sports, the Buss family has reached an agreement to sell the majority ownership of the Los Angeles Lakers to billionaire investor Mark Walter at a market value of approximately $10 billion. The sale sets a new record as the highest valuation ever for a U.S. professional sports team.
The Buss family, which has owned the Lakers since 1979, will retain a minority stake of just over 15% and continue to have a visible presence within the organization. Jeanie Buss, who has served as team governor since the passing of her father Jerry Buss in 2013, will remain in her role and lead the team “for at least a number of years,” according to sources familiar with the agreement. According to reports, Walter fully supports her continued leadership as part of the terms of the deal.
Mark Walter, CEO and Chairman of TWG Global, has a wealth of experience in sports ownership. He is the controlling owner of the Los Angeles Dodgers and has additional stakes in the WNBA’s Los Angeles Sparks, the Professional Women’s Hockey League, and other global sports properties including the Billie Jean King Cup and the new Cadillac Formula 1 team. Walter is also the CEO of Guggenheim Partners, a financial services firm managing over $325 billion in assets.
Walter initially became a minority stakeholder of the Lakers in 2021 after purchasing a 26% share previously owned by Phil Anschutz. That transaction also granted him right of first refusal on future majority sales of the team.
Since acquiring the Lakers in 1979 for $67.5 million, the Buss family has overseen a run of 11 NBA championships — more than any other team in that time span. The sale follows a trend of high-profile NBA team ownership changes, including recent deals involving the Dallas Mavericks and Boston Celtics.
The Crypto.com Arena, where the Lakers play, is owned by AEG and is not included in the deal. Though neither the Lakers, now Walter’s group have made any official statements about the percentage of ownership being transferred, or financial figures, a representative of Walter did tell CNBC “Mark Walter is entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers, which he has been a stakeholder since 2021.”
According to reports, LeBron James and Luka Doncic were both made aware of the deal ahead of time.
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