Los Angeles (BuzzReport) – The Los Angeles Lakers have agreed to be sold to Mark Walter, the owner of the Los Angeles Dodgers, in a record-breaking deal valued at $10 billion. The Buss family, who have owned the Lakers since 1979, will retain 15% ownership, with Jeanie Buss expected to stay on as governor of the team.
The sale, confirmed by ESPN’s Shams Charania, marks the end of an era for the Buss family, who have been instrumental in shaping the Lakers into one of the most successful franchises in the NBA. Under the Buss family’s ownership, the Lakers won 11 NBA championships, featuring legendary players like Magic Johnson, Kobe Bryant, Shaquille O’Neal, and LeBron James.
Mark Walter, CEO of TWG Global and co-founder of Guggenheim Partners, is no stranger to Los Angeles sports, already owning the Dodgers and the WNBA’s Los Angeles Sparks. His ownership style is expected to bring significant changes to the Lakers, with a focus on winning and excellence. Magic Johnson, a Lakers legend and part-owner of the Dodgers, praised the sale, saying Walter is “driven by winning, excellence, and doing everything the right way”.
Key Details of the Sale:
- Valuation: $10 billion, the largest-ever sale of a professional sports team
- Ownership: Mark Walter to hold majority ownership, Buss family to retain 15%
- Governance: Jeanie Buss to stay on as governor of the team
- NBA Approval: The sale still needs to be approved by the NBA Board of Governors
The sale is expected to bring a new era of basketball to Los Angeles, with Walter’s resources and commitment to winning potentially leading to significant improvements in the team’s roster and operations. As the NBA landscape continues to evolve, Lakers fans will be watching closely to see how this change in ownership impacts their beloved team.¹ ²