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The Los Angeles Lakers are reportedly being sold for $10 billion to Mark Walter, ending the Buss family’s four-decade stewardship.
Luka Doncic and LeBron James for LA Lakers (AP)
In a moment that feels both historic and bittersweet, the Los Angeles Lakers are set to be sold at a staggering $10 billion valuation, shattering all previous records for the sale of a professional sports franchise.
After more than four decades of family stewardship, the Buss family has agreed to sell its controlling interest in the Lakers to Mark Walter, CEO of TWG Global and principal owner of the Los Angeles Dodgers.
The sale marks the end of an era in 1979, when Dr. Jerry Buss purchased the franchise and transformed it into a global powerhouse.
Though control of the team is changing hands, Jeanie Buss — who carried her father’s legacy forward after his passing — will remain deeply involved. She will continue in her role as team governor, according to AP.
The precise share Walter is acquiring remains unclear. He was already part of a group that purchased 27% of the Lakers in 2021. What is certain, however, is that Jeanie Buss will retain at least a 15% ownership stake — the minimum required by NBA rules to remain team governor.
Mark Walter, whose sports ventures already include the Dodgers, Premier League club Chelsea, the Professional Women’s Hockey League, and several racing teams under TWG Motorsports — including Cadillac Formula 1 — brings with him a reputation for ambition, vision, and a deep respect for tradition.
For Lakers guard Luka Doncic, the transition is a moment filled with both hope and gratitude.
“The Lakers are an amazing organization. I’m looking forward to meeting Mark and excited about the future,” he wrote on social media Thursday.
“I am also grateful to Jeanie and the Buss family for welcoming me to LA, and I’m happy that Jeanie will continue to be involved.”
Other Notable NBA Team Transactions In Recent History
The cross-country rival Boston Celtics went for $6.1 billion just three months ago.
With team values soaring, there have been a number of notable franchise transactions in recent years:
Boston Celtics
The Celtics, who won their record 18th NBA championship last year, went for $6.1 billion in March to private equity mogul Bill Chisholm.
Phoenix Suns
Mortgage executive Mat Ishbia purchased the team for a then-NBA record $4 billion in 2022.
Dallas Mavericks
Mark Cuban sold the NBA franchise in 2023 for $3.5 billion to the Adelson family, which owns the Las Vegas Sands casino company.
Charlotte Hornets
Michael Jordan agreed to sell his majority share in the NBA’s Hornets in 2023 for $3 billion to Rick Schnall and Gabe Plotkin. Schnall had a minority ownership in the NBA’s Atlanta Hawks, and Plotkin in the Hornets.
(with agency inputs)
After training in the field of broadcast media, Siddarth, as a sub-editor for News18 Sports, currently dabbles in putting together stories, from across a plethora of sports, onto a digital canvas. His long-term…Read More
After training in the field of broadcast media, Siddarth, as a sub-editor for News18 Sports, currently dabbles in putting together stories, from across a plethora of sports, onto a digital canvas. His long-term… Read More
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