Buss family to sell controlling stake of Lakers to Mark Walter for $10 billion valuation, AP source says.
Jeanie Buss, whose family has owned the Lakers since her father purchased the team in 1979, is to continue serving as team governor as part of the agreement.
The **Buss family has agreed to sell their controlling stake in the Los Angeles Lakers** to **Mark Walter**, CEO of **TWG Global**, at a **franchise valuation of $10 billion**, the highest ever for a professional sports team, according to a source familiar with the transaction who made the announcement on Wednesday.
As part of the agreement, **Jeanie Buss**, whose family has owned the Lakers since her father purchased the team in 1979, **intends to continue as team governor**, according to an anonymous source who spoke to the **Associated Press**. Neither party immediately revealed any official specifics of the agreement.
How much of the Lakers Mark Walter is truly acquiring is still unknown. In 2021, Walter was a member of the team that bought a **27%** ownership stake in the Lakers. According to NBA regulations that mandate a club governor maintain a minimum level of ownership, **Jeanie Buss will keep at least a 15% ownership stake** even after this new deal is completed.
In addition to their ownership positions in the **Los Angeles Dodgers**, **Premier League club Chelsea**, and a controlling interest in the **Professional Women’s Hockey League**, **Mark Walter and TWG Global** already have substantial investments in the sports industry. They also own a number of car racing teams through **TWG Motorsports**, one of which is a competitor in **Cadillac’s Formula 1 entry**.
Dave Roberts, the manager of the Dodgers, described the sale announcement as *”a very exciting day for the Lakers and the city of Los Angeles.” *
* “Mark Walter is fiercely competitive and will stop at nothing to create a championship-caliber team each and every year,” Roberts continued. He will ensure that the city maintains its pride in the Lakers and the history they have established with the Buss family. *
ESPN first reported the agreement.
“Mark Walter is the best choice and will be the best steward of the Lakers brand,” Lakers legend Magic Johnson, who is close to Jeanie Buss and Walter’s business partner, stated in a social media post.
“His accomplishments with the Los Angeles Dodgers are self-evident. Mark is nothing short of a winner, having guided the team to two World Series triumphs and eleven NL West division crowns over the last twelve years.
Magic Johnson expressed his confidence that Jeanie Buss only accepted the contract once he was convinced that Mark Walter would properly continue the Lakers’ tradition.
Johnson remarked, “Lakers fans should be happy,” “What I can tell you about Mark is that he is motivated by greatness, winning, and doing things well. And he’s prepared to spend the money required to succeed! Given how similar they are, I can totally see why Jeanie sold the team to Mark Walter. They both like working behind the scenes, are competitive, generous, and adore giving back. Everything made perfect sense.
Walter is renowned for being very secretive and avoiding attention. At Guggenheim Partners, a financial services company with an estimated $325 billion in assets, he serves as CEO. Johnson is an investor in Guggenheim as well.
The Lakers’ sale agreement comes over three months after it was announced that Bill Chisholm had agreed to pay $6.1 billion to acquire the Boston Celtics, setting a new record that would eclipse the $6.05 billion sale of the NFL’s Washington Commanders. The NBA Board of Governors must still give its final permission before the Celtics transaction can be finalised, and that meeting is scheduled for next month in Las Vegas.
The Lakers were just sold for $10 billion, breaking the previous record and setting a new one.
The Lakers had been owned by the Buss family for 46 years, the longest tenure of any NBA franchise at the time. The second-longest ownership is held by Herb Simon, who purchased the Indiana Pacers, who are presently in the NBA Finals, in 1983.
The Lakers were purchased by Jerry Buss for $67.5 million, and during his 34 seasons as owner, he led the team to 10 championships and 16 trips to the NBA Finals. After his death in 2013, ownership of the Lakers was transferred to a trust run by his six children, all of whom had worked for the team in various capacities throughout the years.
Eventually, disagreements within the family arose over team leadership. A court struggle ended in 2017 when Jeanie Buss was confirmed as the dominant owner. In the past, she had sued her brothers, Jim and Johnny Buss, for attempting to call a board meeting, which she saw as a challenge to her power. Jim Buss, the Lakers’ executive vice president of basketball operations, had just been let go by her.