The Los Angeles Lakers are being sold in a record-shattering $10 billion deal, making the storied NBA franchise the most valuable sports team in U.S. history, ESPN reported Wednesday.
The landmark agreement transfers controlling interest from the Buss family to billionaire Mark Walter, who already owns a minority stake in the team.
While Jeanie Buss will remain in place as the team’s governor, the sale brings an end to the Buss family’s 46-year stewardship of the purple and gold – an era that delivered 11 NBA championships and turned the Lakers into a global brand.
Walter, the chief executive of holding firm TWG Global, has quietly built a sports empire. He owns Major League Baseball’s Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, and is a co-owner of English Premier League club Chelsea.
TWG also owns the Billie Jean King Cup tennis tournament and the Cadillac Formula One team.
While further specifics of the deal were not disclosed, Lakers legend Earvin “Magic” Johnson – a business partner of Walter – was among the first to react publicly.
“Laker fans should be ecstatic,” Johnson wrote on X.
“A few things I can tell you about Mark – he is driven by winning, excellence and doing everything the right way. And he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike.”
Johnson cited Walter’s leadership with the Dodgers as a reason for optimism. The Dodgers have won the World Series twice since Walter’s group took over and have adopted an aggressive recruitment strategy in recent years, including the blockbuster 10-year, $700 million signing of Japanese star Shohei Ohtani.
“Mark is the best choice and will be the best caretaker of the Laker brand,” Johnson wrote. “The proof is in the pudding on what he’s been able to accomplish with the L.A. Dodgers. Mark has been nothing short of a winner.”
The Buss family’s sale of the Lakers marks the end of a defining era for the NBA – one that helped shape the league’s modern popularity.
Jerry Buss, a charismatic real estate tycoon, purchased the Lakers in 1979 and quickly transformed the franchise into a powerhouse on and off the court.
Under his leadership, the team won 11 championships – more than any other NBA franchise over the same span – and ushered in iconic eras, including the “Showtime” Lakers of the 1980s and the early 2000s dynasty led by Kobe Bryant.
More recently, the Lakers added superstar LeBron James, who led the team to its 17th championship in 2020. The team made headlines again this year by acquiring Dallas Mavericks star Luka Doncic in a stunning move.
Walter became a minority owner in 2021 in a deal that included right of first refusal should the Buss family choose to sell.
The $10 billion sale smashes the previous U.S. sports record – the $6.1 billion paid for the Boston Celtics earlier this year.
That deal had broken the $6.05 billion mark set by Josh Harris’s purchase of the NFL’s Washington Commanders in 2023.
