Buss family to sell controlling stake of Lakers to Mark Walter for $10B valuation: report
The Los Angeles Lakers, a storied franchise in the NBA, are set to undergo a major change in ownership. The Buss family, who has controlled the team since 1979, has agreed to sell the controlling stake to TWG Global CEO Mark Walter. This historic deal comes with a franchise valuation of $10 billion, making it the most expensive sale of a professional sports franchise to date.
Despite the change in ownership, Jeanie Buss, a key figure in the Lakers organization, plans to remain as team governor. This continuity ensures a smooth transition and maintains the legacy of the Buss family within the Lakers organization. It is not yet clear how much more of the Lakers Walter will acquire, as he already had a 27% stake in the team from a previous deal in 2021.
Mark Walter, the CEO of TWG Global, is no stranger to sports ownership. He already holds controlling interests in the Los Angeles Dodgers, Premier League club Chelsea, the Professional Women’s Hockey League, and several auto racing teams through TWG Motorsports. His track record of success and commitment to excellence make him a fitting candidate to lead the Lakers into a new era of competitiveness.
Magic Johnson, a Lakers legend and business partner of Walter’s, expressed his confidence in the new ownership. Johnson highlighted Walter’s winning mentality and dedication to success, citing his achievements with the LA Dodgers as proof of his capabilities. Johnson’s endorsement of Walter’s leadership bodes well for the future of the Lakers under new ownership.
The sale of the Lakers to Mark Walter comes on the heels of other record-breaking sports franchise deals. Just a few months ago, the Boston Celtics were sold for $6.1 billion, surpassing the previous record set by the Washington Commanders in the NFL. The $10 billion valuation for the Lakers sets a new standard for sports franchise sales, reflecting the team’s iconic status and market value.
The Buss family’s tenure as owners of the Lakers spanned 46 years, making it the longest-running ownership in the NBA. Jerry Buss, who purchased the team for $67.5 million, led the Lakers to unprecedented success with 10 championships during his tenure. After his passing in 2013, control of the team was passed to his children, leading to internal conflicts over ownership.
Ultimately, the agreement to sell the Lakers to Mark Walter represents a new chapter for the franchise. With a focus on winning, excellence, and resource investment, Walter is poised to guide the Lakers to continued success on and off the court. The legacy of the Buss family will endure through Jeanie Buss’ continued involvement, ensuring a seamless transition to new ownership under TWG Global.
