The Buss family is set to sell a majority stake in the Los Angeles Lakers to Mark Walter, owner of TWG Global, for $10 billion, making it the most expensive U.S. professional sports franchise deal ever.
Jeanie Buss, daughter of late Lakers owner Jerry Buss, will retain a minority share and continue as governor, with her role secured for “at least several years.” This guarantee was part of the agreement, ensuring Jeanie remains in charge.
Walter’s diversified business empire includes interests in multiple sports organizations, including the Dodgers, Sparks, and Cadillac F1 team. The Lakers have been family-owned since 1979, winning 11 championships under Buss’ leadership.
The deal comes after Walter already held a stake in the team since 2021. Franchise legend Magic Johnson has endorsed the move, praising Walter’s commitment to winning and excellence.
This sale marks a new era for the Lakers, ending a 46-year family ownership period. The transfer follows similar sales of other NBA teams in recent years, including the Mavericks and Celtics, which had Jeanie Buss’ closest confidants as sellers.
Source: https://www.espn.com/nba/story/_/id/45539931/buss-family-agrees-sell-lakers-mark-walter-sources-say