LOS ANGELES (CNS) – The Buss family has agreed to sell its majority ownership of the Lakers to Mark Walter, CEO of TWG Global and co-owner of the Dodgers, for a record valuation of approximately $10 billion, ESPN reported today.
Jeanie Buss will remain as team governor to the NBA, according to unnamed sources cited in the report.
The valuation of approximately $10 billion would make the deal the highest-priced sale of a professional sports franchise in the world.
The Lakers did not immediately respond to a request for comment.
Walter holds stakes in several professional sports organizations, including the Dodgers, Los Angeles Sparks, the Billie Jean Cup, Cadillac Formula One team and the Professional Women’s Hockey League.
Lakers legend Magic Johnson reacted on X to the reported sale, calling it great news for the franchise and fans.
“Laker fans should be ecstatic,” Johnson — also a part-owner of the Dodgers — posted.
“Mark (Walter) 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 — they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world. I am so, so, SO happy and excited for @Lakers fans all over the world!”
Jerry Buss purchased the Lakers in 1979 for $67.5 million in a deal that also included the NHL’s Kings and The Forum. Following his death in 2013, ownership passed to his children, with Jeanie Buss serving as team governor ever since.
The Lakers have thrived under the Buss family’s leadership, becoming one of the most storied franchises in sports. They’ve captured 11 NBA championships during that span, including a three-peat from 2000 to 2002 under coach Phil Jackson and star guard Kobe Bryant, and most recently won a title in 2020.
Last season, the team made headlines again with a blockbuster trade to acquire Dallas Mavericks superstar Luka Doncic.
The Boston Celtics were the most recent NBA team to be sold, reaching a deal earlier this year with a group led by Bill Chisholm. That sale price was $6.05 billion, setting a record for an NBA franchise.