The Los Angeles Lakers announced that the Buss family has officially sold a majority stake in the organization to Mark Walter, who is the CEO and chairman of TWG Global and was already a minority owner.
Walter is also the majority owner of the L.A. Dodgers and Sparks, so the Los Angeles sports world is coming together as one with him taking over the Lakers. Walter also holds ownership stake in the Billie Jean King Cup, the Cadillac Formula 1 Team and the Professional Women’s Hockey League.
This sale did not come cheap as recent reports have indicated that Walter is purchasing the team at a $10 billion valuation, which is a record for a sports franchise.
Dr. Jerry Buss originally bought the Lakers in 1979 for $67.5 million and his kids took over when he passed away in 2013. Under the Buss family’s watch, the Lakers won 11 championships and developed into the premiere franchise in all of sports.
“From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning — relentlessly — and to doing so with passion and with style,” Jeanie Buss said in a statement. “I have gotten to know Mark very well over time and been delighted to learn how he shares those same values. For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue the Lakers’ extraordinary legacy.”
Walter also expressed his appreciation to the Buss family for the work they’ve done with the team.
“The Lakers have long been one of the most iconic franchises in sports,” said Walter. “Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys.”
Walter continued, “I admire what he, Jeanie and the Buss family have built, and I know how much this special organization matters to Southern Californians and to sports fans everywhere. I also have tremendous respect for Jeanie’s continued commitment to maintaining the Lakers’ long-term vision and elite status, and I’m excited to work with her on the next era.”
The Lakers’ sale is expected to close in the third or fourth quarter of 2025, subject to customary closing conditions including obtaining NBA approval.
Jeanie Buss expected to continue running Lakers
Despite selling their majority stake in the Lakers, reports indicate that Jeanie Buss is expected to move forward as the governor of the organization and will “continue to oversee all team operations on a day-to-day basis for the foreseeable future,” according to the press release.
It remains to be seen exactly how long that will be, but it’s clear that the Buss family wants to remain involved with the Lakers moving forward.
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