Buss family to sell controlling stake of Lakers, now valued at $10 billion

The Buss family has agreed to sell the controlling stake of the Los Angeles Lakers to Los Angeles Dodgers owner Mark Walter, doing so with a franchise valuation of $10 billion — the highest ever for a professional sports franchise, a person with knowledge of the agreement said Wednesday.

As part of the deal, Jeanie Buss — whose family has had control of the Lakers since her father bought the team in 1979 — intends to remain as team governor, said the person, who spoke to The Associated Press on condition of anonymity because neither side immediately announced details.

The Lakers have been in the control of the Buss family for 46 years, the longest of any current NBA franchise. Jerry Buss bought the Lakers for $67.5 million and made it to the NBA Finals 16 times out of his 34 seasons leading the club, winning 10 championships in that span. 

It is not clear how much more of the Lakers that Walter is acquiring. He was part of a group that bought 27% of the Lakers in 2021. Jeanie Buss will still own at least 15% of the Lakers once this transaction is completed; by NBA rule, a governor must have at least that much of an ownership stake.

Walter and TWG Global already had the controlling interest in the Dodgers, Premier League club Chelsea, the Professional Women’s Hockey League and — through TWG Motorsports — owns several auto racing teams including Cadillac Formula 1.

“Mark Walter is the best choice and will be the best caretaker of the Laker brand,” Lakers great Magic Johnson, a business partner of Walter’s and someone extremely close to Jeanie Buss, posted on social media. “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 notching 2 World Series and 11 NL West divisional titles in the last 12 years!”

Johnson said he is certain Jeanie Buss made the deal only after being convinced that Walter will do right by the Lakers.

Walter is intensely private in shunning the spotlight. He is CEO of the financial services firm Guggenheim Partners, which is estimated to have more than $325 billion in assets. 



Photo: Mark Walter  (AP Photo Mark J. Terrill)