LOS ANGELES — The Los Angeles Lakers, one of the most iconic franchises in sports history, are being sold in a landmark $10 billion deal to billionaire investor Mark Walter, according to a report by ESPN on Wednesday. The transaction sets a new record for the highest valuation ever for a U.S. sports team.
The deal marks the end of the Buss family’s 46-year control of the franchise. Jeanie Buss, who has served as the Lakers governor, will retain her role in the team’s leadership, but control of the club shifts to Walter, who already owns a minority stake in the Lakers.
Walter, the CEO of TWG Global, has an extensive sports portfolio that includes majority ownership of Major League Baseball’s Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, a stake in English Premier League side Chelsea FC, the Billie Jean King Cup, and the Cadillac Formula One team.
Although financial specifics remain undisclosed, Lakers legend and Walter’s business partner, Earvin “Magic” Johnson, welcomed the deal, calling it a major win for the franchise and its fans.
“Laker fans should be ecstatic,” Johnson posted on X. “Mark is driven by winning, excellence, and doing everything the right way. I understand why Jeanie sold the team to him — they’re alike.”
Walter’s success with the Dodgers, who have captured two World Series titles under his ownership and made headlines with big-money signings like Shohei Ohtani’s $700 million deal, fuels optimism about a new golden era for the Lakers.
“Mark is the best choice and will be the best caretaker of the Laker brand,” Johnson added.
The sale ends a historic era that began in 1979 when Jerry Buss bought the team and transformed it into an NBA dynasty. Under Buss family leadership, the Lakers captured 11 NBA championships and became a global brand, with legendary eras featuring Magic Johnson’s “Showtime” Lakers, Kobe Bryant’s three-peat run, and more recently, the LeBron James-led 2020 title.
Walter’s acquisition includes the right of first refusal he secured when he joined as a minority owner in 2021. The $10 billion sale smashes the previous U.S. sports franchise record — the $6.1 billion sale of the Boston Celtics earlier this year — and sets a new benchmark in professional sports.
The deal ushers in a new chapter for the Lakers as they aim to build on their rich legacy with fresh leadership and renewed ambition.
