Buss family to sell controlling
stake of Lakers to Mark Walter for $10B valuation, AP source says
[June 19, 2025]
By TIM REYNOLDS
The Buss family has agreed to sell the controlling stake of the Los
Angeles Lakers to TWG Global CEO 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.
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
Los Angeles Dodgers, Premier League club Chelsea, the Professional
Women’s Hockey League, and — through TWG Motorsports — owns several
auto racing teams including Cadillac Formula 1.
Dodgers manager Dave Roberts said news of the sale to Walter 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," Roberts said.
ESPN first reported the agreement.
“Mark Walter is the best choice and will be the best caretaker of
the Laker brand,” Lakers legend 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.
“Laker fans should be (ecstatic),” Johnson said. “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 — they are competitive people, have big
hearts, love to give back, and both prefer to be behind the scenes.
This makes all the sense in the world.”
[to top of second column] |
Los Angeles Lakers President Jeanie Buss dances in her seat to
music as she attends the NBA basketball game between the Lakers and
the Los Angeles Clippers in Los Angeles, Oct. 29, 2013. (AP
Photo/Danny Moloshok, File)
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. Johnson is among Guggenheim’s investors.
The agreement for the sale of the Lakers comes about three months
after Bill Chisholm agreed to buy the Boston Celtics with an initial
valuation of $6.1 billion — which was going to be a record, topping
the previous mark of $6.05 billion sale for the NFL's Washington
Commanders. The Celtics' sale is not yet finalized, pending final
approval by the NBA's board of governors. That board is scheduled to
meet in Las Vegas next month.
And now, the Lakers are sold with a valuation of $10 billion — not
just a record, but a total smashing of the previous mark.
The Lakers have been in the control of the Buss family for 46 years,
the longest of any current NBA franchise. Herb Simon bought the
Indiana Pacers — currently in the NBA Finals — in 1983, the
second-longest current ownership of an NBA club.
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. When he died in 2013, ownership of
the Lakers went into a trust controlled by Buss’ six children — who
all worked for the Lakers in various capacities for several years.
Eventually, the family began clashing over control. An agreement was
struck in 2017 calling for Jeanie Buss to serve as controlling
owner, ending a battle that included her going to court after her
brothers Jim and Johnny Buss called for a board meeting that she
interpreted as a challenge to her power — shortly after she removed
Jim Buss as the Lakers’ executive vice president of basketball
operations.
___
AP Sports Writers Beth Harris and John Wawrow contributed to this
story.
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