In a seismic shift for one of the most iconic franchises in sports, the Buss family has agreed to sell majority ownership of the Los Angeles Lakers to billionaire Mark Walter, valuing the team at a record-breaking $10 billion.
The agreement marks the most expensive sale in U.S. sports history, surpassing the Boston Celtics’ $6.1 billion deal earlier this year. While Walter will take over the reins, Jeanie Buss will remain governor and continue to run day-to-day operations “for at least a number of years,” according to sources.
Walter, already a minority stakeholder since 2021, is no stranger to Los Angeles sports. As co-owner of the Dodgers, Sparks, and Chelsea FC, his track record speaks volumes, and Lakers legend Magic Johnson was quick to endorse the move. “Mark Walter is the best choice,” Johnson posted. “The proof is in the pudding.”
The Buss family’s stewardship began in 1979 when the late Dr. Jerry Buss acquired the Lakers for just $67.5 million. Under their ownership, the Lakers became a global powerhouse, winning 11 NBA championships since 1980 and becoming the league’s biggest brand.
Jeanie’s leadership was solidified in 2017 after a public legal battle with her brothers, ensuring her long-term control. That stability now continues, though with financial firepower Walter can provide, something the family often lacked. Past decisions, such as the lowball offer to Tyronn Lue, underscored the limitations of being a “cash-poor” ownership group in a billionaire-dominated league.
Luka Dončić, who arrived in a blockbuster trade with Dallas, expressed his excitement about the new chapter, tweeting he was “looking forward to working to win championships.” His long-term future is key to Walter’s vision, with a $229 million contract extension likely on the table.
LeBron James also reportedly welcomed the news. With the Lakers now the most valuable team ever sold, a new era begins, one built on legacy, ambition, and deep pockets.
