Los Angeles Lakers are set to be sold in a historic $10 billion transaction, making the iconic NBA franchise the highest-valued sports team in U.S. history, according to ESPN.
The deal will see the Buss family sell their controlling stake to billionaire investor Mark Walter, who already holds a minority share in the team. While Jeanie Buss will remain the Lakers’ governor, the agreement ends the family’s 46-year reign over the franchise.
Walter is the CEO of TWG Global, a holding company with a growing portfolio of professional sports assets. These include the Los Angeles Dodgers, the Los Angeles Sparks, and a stake in Premier League club Chelsea. TWG also owns the Billie Jean King Cup and the Cadillac Formula One team.
Though full details of the agreement have not been disclosed, Lakers legend Earvin “Magic” Johnson — a longtime business partner of Walter — praised the move.
“Laker fans should be ecstatic,” Johnson posted on X. “Mark is driven by winning, excellence, and doing everything the right way. He will invest whatever it takes to win. I can understand why Jeanie chose him — they’re cut from the same cloth.”
Johnson highlighted Walter’s track record with the Dodgers, who have won two World Series titles under his ownership. Most recently, the team made headlines with a $700 million, 10-year deal for Japanese superstar Shohei Ohtani.
“Mark is the best choice and will be the best caretaker of the Lakers brand,” Johnson added. “Just look at what he’s done with the Dodgers — he’s a proven winner.”
The sale marks the end of an era in the NBA. Jerry Buss bought the Lakers in 1979 and transformed them into one of the league’s most successful and glamorous franchises. Under the Buss family’s leadership, the Lakers claimed 11 NBA championships, including the celebrated “Showtime” era of Magic Johnson and the early 2000s dominance led by Kobe Bryant.
More recently, the Lakers won their 17th NBA title in 2020 under LeBron James and made waves earlier this year with the acquisition of Dallas Mavericks star Luka Dončić.
Walter, who became a minority owner in 2021, secured first-refusal rights in that deal — giving him priority should the Buss family ever decide to sell. With this record-breaking acquisition, he now takes full control.
The $10 billion price tag shatters the previous record of $6.1 billion paid for the Boston Celtics earlier this year, which itself topped the $6.05 billion deal for the Washington Commanders in 2023.
