The Buss family has agreed to sell a majority stake in the Los Angeles Lakers to TWG Global CEO Mark Walter, both parties confirmed Wednesday, while Jeanie Buss will remain the team’s governor.
Financial terms were not disclosed, but an initial report last week valued the deal at $10 billion, marking the largest sale in professional sports history.
Walter, who already holds stakes in Major League Baseball’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks, has been a minority owner of the Lakers since 2021.
“From the day our father purchased the Lakers, we have been determined to deliver what the city of Los Angeles deserves and demands: a team that is committed to winning – relentlessly – and to doing so with passion and with style,” Buss said in a news release.
“I have gotten to know Mark very well over time and been delighted to learn how he shares those same values.”
The sale is expected to close in the third or fourth quarter of 2025, subject to customary closing conditions, including NBA approval, the parties said.
The late Jerry Buss purchased the Lakers in 1979 and transformed the team into one of the world’s most popular sports franchises, winning five championships during their now-iconic “Showtime” era in the 1980s.
Over the years, the Lakers’ rosters have featured world-famous talents such as Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, Shaquille O’Neal and LeBron James.
Jeanie Buss, who became principal owner after her father’s death in 2013, is among the most powerful women in sports. She will continue to oversee all team operations on a day-to-day basis for the foreseeable future.
“Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys,” Walter said.
“I admire what he, Jeanie and the Buss family have built, and I know how much this special organization matters to Southern Californians and to sports fans everywhere.
“I also have tremendous respect for Jeanie’s continued commitment to maintaining the Lakers’ long-term vision and elite status, and I’m excited to work with her on the next era.”
