In a historic shift in the sports world, the Buss family has agreed to part with controlling ownership of the Los Angeles Lakers for record $10 billion.
CBS News Los Angeles confirmed that Mark Walter, the CEO of Guggenheim Partners and principal owner of the Los Angeles Dodgers, is set to take over majority control of the NBA powerhouse once the deal becomes official.
Despite the change in majority ownership, Jeanie Buss, who has led the franchise since her father Jerry Buss’s passing in 2013, will retain the title of team governor.
This means she will continue to represent the Lakers in all league matters, preserving her visible role within the organization.
“We can confirm: Mark Walter is entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers, of which he has been a stakeholder since 2021,” read a statement from the team.
The transaction, initially reported by ESPN, is valued at approximately $10 billion, eclipsing all previous sports franchise sales.
The record previously belonged to the Boston Celtics, sold in 2024 for $6.1 billion. With this latest deal, the Lakers will become the most valuable sports franchise on the planet, boasting a near $4 billion lead over the next in line.
Walter’s expanding sports portfolio already includes ownership of the Dodgers, the Los Angeles Sparks, and the Professional Women’s Hockey League.
He also has stakes in Chelsea FC of the English Premier League and the Cadillac Formula 1 team.
The Lakers, purchased by Jerry Buss in 1979 for $67.5 million, a deal that included The Forum and the NHL’s Los Angeles Kings, have since evolved into a global sports icon.
Under the Buss family’s stewardship, the team amassed a 2236-1467 record and clinched 11 NBA championships.
Legendary names like Kareem Abdul-Jabbar, Magic Johnson, Kobe Bryant, Shaquille O’Neal, and LeBron James have donned the purple and gold.
Jeanie and her brother Jim inherited the team after Jerry Buss’s death. Jim, who served as executive VP of basketball operations, exited the organization in 2017.
Known for their willingness to invest in star power, the Lakers have consistently secured marquee names with big-money contracts, including Bryant, O’Neal, James, and Anthony Davis.
Walter brings a similar approach; under his leadership, the Dodgers shocked the baseball world by signing Japanese phenom Shohei Ohtani to a jaw-dropping $700 million deal in 2023.
NBA legend Magic Johnson, once a minority owner of the Lakers and now part of Walter’s Dodgers ownership group, shared his thoughts on the seismic development via X.
“I just talked to my sister Jeanie Buss to tell her congratulations, and that I’m so happy for her and family. I told her that her dad Dr. Buss would be very proud of her,” he posted.
Johnson, who also holds ownership stakes in the Sparks, Los Angeles FC, and the NFL’s Washington Commanders, expressed confidence in Walter’s ability to steer the Lakers into a successful new era.
“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,” he wrote in a follow-up post.
This blockbuster sale marks the second major headline from the Lakers in recent months. In a jaw-dropping move earlier this season, the team landed superstar guard Luka Dončić from the Dallas Mavericks in a trade that sent shockwaves through the NBA.