LOS ANGELES, United States — The iconic Los Angeles Lakers basketball franchise is reportedly being sold in a monumental $10 billion deal, setting a new record for the highest-valued sports team in US history.
The report indicates that the Lakers’ current owners, the Buss family, will sell their controlling interest in the team to billionaire Mark Walter, who already holds a minority stake in the franchise.
While Jeanie Buss is slated to continue in her role as Lakers governor, the agreement marks the culmination of the Buss family’s 46-year stewardship over the NBA giants.
Mark Walter serves as the chief executive of TWG Global, a holding company that has amassed an impressive portfolio of professional sports teams. This includes ownership stakes in Major League Baseball’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks.
Additionally, Walter is part of the ownership group of English Premier League side Chelsea. TWG’s sports ventures also extend to owning the Billie Jean King Cup tennis tournament and the Cadillac Formula One team.
Although further specifics of the deal were not immediately disclosed, Lakers legend Earvin “Magic” Johnson, a business partner of Walter, was among the first to publicly react to news of the agreement.
Johnson expressed his excitement on X, stating: “Laker fans should be ecstatic.”
He elaborated on Walter’s qualities, adding: “A few things I can tell you about Mark – he is driven by winning, excellence, and doing everything the right way. And he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike.”
Underlining his optimism, Johnson cited Walter’s successful ownership of the Dodgers baseball team as a strong indicator for the Lakers’ future.
The Dodgers have secured the World Series title twice since Walter’s ownership group took control, notably adopting an aggressive recruitment strategy in recent years that has led to the signing of top talent, including Japanese superstar Shohei Ohtani on a groundbreaking 10-year, $700 million deal.
“Mark is the best choice and will be the best caretaker of the Laker brand,” Johnson asserted. “The proof is in the pudding on what he’s been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner.”
The sale of the Lakers by the Buss family signifies the end of an era for the NBA. The league’s modern popularity owes a significant debt to the franchise’s dominance during its 1980s heyday. Charismatic tycoon Jerry Buss acquired the Lakers in 1979 and swiftly transformed the franchise into a sporting powerhouse and a globally recognized brand.
The Buss era notably brought the Lakers 11 NBA championships – more than any other team during the same period. This period encompassed golden ages such as the “Showtime” Lakers featuring Magic Johnson, as well as a hat-trick of championships between 2000 and 2002 when the team was spearheaded by Kobe Bryant.
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More recently, the team recruited superstar LeBron James, who guided the Lakers to a 17th championship in 2020, and famously stunned the league earlier this year by acquiring Dallas Mavericks star Luka Doncic.
Mark Walter has held a minority ownership stake in the Lakers since 2021, a deal that also granted him first refusal to purchase the club should the Buss family decide to sell.
This record-breaking sale significantly surpasses the previous highest figure paid for a US sports team, which was the $6.1 billion for the Boston Celtics earlier this year.
That Celtics sale had, in turn, eclipsed the $6.05 billion paid by Josh Harris for the Washington Commanders in 2023.
