The Buss family has reportedly agreed to sell majority control of the Los Angeles Lakers to billionaire investor Mark Walter in a deal valuing the franchise at a record-setting $10 billion.
This sale will set a new benchmark as the most expensive sale of a franchise in U.S. pro sports history, dwarfing the Boston Celtics’ $6.1 billion sale in March, the Washington Commanders’ sale for $6.05 billion in April 2023, and the Dallas Mavericks’ $3.5 billion sale in December 2023.
Mark Walter, 65, has owned minority shares of the Lakers with a roughly 20% stake since 2021 and has now exercised his right of first refusal following the Buss family’s agreement to sell.
Walter has been the controlling owner of the Los Angeles Dodgers since 2012 and holds stakes in other major sports franchises, including Chelsea FC, the Los Angeles Sparks, and Cadillac Formula 1.
Despite the change in majority ownership, Jeanie Buss is expected to stay on as team governor and run the franchise for “a number of years,” with this piece of the sale being mandatory and Walter supporting the transition, a source close to the situation told ESPN.
The source added that the Buss family will retain a roughly 15% minority share after the sale.
This sale marks an incredible return on investment for the Buss family. In 1979, Jerry Buss purchased the franchise for $67.5 million in an agreement that included the Los Angeles Kings and the Kia Forum Arena.
During their nearly 50 years of ownership, the Buss family helped lead the Lakers to an NBA-leading 11 championships.
Lakers legend Magic Johnson, who works with Walter as shareholders of the Dodgers, posted on X to support the decision, congratulating Buss for “striking an incredible deal and picking the right person to carry on” the Lakers’ legacy.
“Mark Walter is the best choice and will be the best caretaker of the Laker brand. 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!”
Dodgers manager Dave Roberts also addressed the sale, saying that it marks “a very exciting day for the Lakers, for the city of Los Angeles.”
“He’s very competitive, and he’s going to do everything he can to produce a championship-caliber team every single year and make sure the city feels proud about the Lakers and the legacy that they’ve already built with the Buss family,” he added, per ESPN.