Image courtesy: Los Angeles Lakers/ X
The Los Angeles Lakers are on the brink of a major ownership transition, as minority owner Mark Walter is reportedly set to acquire the family’s majority stake for $10 billion, marking a historic milestone as the highest price ever paid for a professional sports franchise in the United States, according to ESPN and various sources.
The Buss family, who have owned the team since 1979 when Jerry Buss purchased it for $67.5 million, has agreed to the sale, which has received approval from the NBA’s board of governors.
After the completion of the sale, Jeanie Buss is anticipated to maintain her position as team governor, with the family retaining slightly over 15 percent of the shares temporarily. Walter, who has held a 27 percent stake since his investment in 2021, will assume majority control, according to reports.
Walter is the CEO and chairman of TWG Global, and he is also a co-owner of the Los Angeles Dodgers, Sparks, Chelsea FC, and the Cadillac Formula 1 team.
This acquisition follows his earlier stake purchase of approximately 26-27 percent in the Lakers for around $1.35 billion, which included first refusal rights on the majority share.
Reactions to the Sale
Magic Johnson, a former star player for the Lakers and current co-owner of the Dodgers, expressed his enthusiasm on X, stating: “Laker fans should be thrilled. I can assure you that Mark is passionate about success, excellence, and doing everything right.”
He further noted that Walter will “allocate the necessary resources to achieve victory,” commending Jeanie Buss for selecting a successor who upholds the Lakers’ legacy.
In addition, Dodgers manager Dave Roberts tweeted his support, highlighting Walter’s competitive nature and readiness to build a championship-caliber Lakers team.
This valuation surpasses other recent prominent NBA team sales, including the Mavericks (approximately $3.5 billion), Celtics ($6.1 billion), and the Suns/Mercury ($4 billion). It also outpaces major transactions in other US sports.
The Future of the LA Lakers
The NBA’s board of governors is expected to assess the transaction in the near future. As of now, the LA Lakers have not released any official statements regarding the sale. Given Walter’s history with the Dodgers and Sparks, a continued focus on investing in player talent, facilities, and franchise development is anticipated.