The Los Angeles Lakers are being sold in a record-breaking $10 billion deal, making the iconic franchise the highest-valued sports team in U.S. history, ESPN reported Wednesday. According to AFP, while Jeanie Buss will continue as Lakers governor, the sale marks the end of the Buss family’s 46-year stewardship of the NBA giants.
The Buss family, who have owned the Lakers since 1979, will sell their controlling interest to billionaire Mark Walter, who already holds a minority stake in the franchise. Walter is the CEO of holding company TWG Global, which boasts a portfolio of professional sports teams including the Los Angeles Dodgers and Los Angeles Sparks. He is also part of the ownership group of English Premier League side Chelsea, while TWG owns the Billie Jean King Cup tennis tournament and the Cadillac Formula One team.
Though many details of the deal remain private, Lakers legend Earvin “Magic” Johnson — a business partner of Walter — was among the first to respond. “Laker fans should be ecstatic,” Johnson wrote on X. “Mark is driven by winning, excellence, and doing everything the right way. He will put in the resources needed to win! I understand why Jeanie sold the team to Mark Walter — they are just alike.”
Johnson pointed to Walter’s success with the Dodgers as a sign of what’s ahead. Since Walter’s ownership group took over, the Dodgers have won two World Series titles and pursued an aggressive recruitment strategy, signing stars like Japanese sensation Shohei Ohtani to a 10-year, $700 million contract.
“Mark is the best choice and will be the best caretaker of the Laker brand,” Johnson added. “His accomplishments with the Dodgers speak for themselves. Mark has been nothing short of a winner.”
The sale closes a significant chapter in NBA history. Under the Buss family’s 46-year reign—initiated by the charismatic Jerry Buss—the Lakers became a global sports powerhouse, securing 11 NBA championships, more than any other team during that span. This era included the “Showtime” Lakers led by Magic Johnson and the early 2000s dynasty helmed by Kobe Bryant.
More recently, the Lakers signed superstar LeBron James, who guided the team to its 17th championship in 2020. Earlier this year, the franchise made headlines by pursuing Dallas Mavericks star Luka Doncic.
Walter became a minority owner of the Lakers in 2021 in a deal that included first refusal rights should the Buss family decide to sell. This record-breaking sale shatters the previous highest price paid for a U.S. sports team—the $6.1 billion paid for the Boston Celtics earlier this year, which itself surpassed Josh Harris’s $6.05 billion purchase of the Washington Commanders in 2023.
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