Tipster profile image
Victor Petkov
twitter iconlikedin iconlikedin icon
Head of Content authorBadge
Last Updated:

3 min read

Lakers sold in historic $10 Billion deal, Jeanie Buss to remain in charge
google news logo Follow us
Add comment
Mark Walter will become the new majority stake holder

The Buss family decided to sell majority ownership of the Los Angeles Lakers to billionaire investor Mark Walter in a deal valuing the iconic NBA franchise at $10 billion — the highest valuation ever recorded for an American professional sports team, sources told ESPN on Wednesday.

Despite selling the majority stake, the Buss family will retain just over 15% ownership in the franchise for the time being.

As part of the agreement, Jeanie Buss will continue in her role as team governor and will run the organization for “at least a number of years,” according to sources familiar with the negotiations. Walter has fully supported this arrangement and was instrumental in guaranteeing Jeanie’s continued leadership.

Walter, chairman and CEO of TWG Global, has been involved with the Lakers since 2021, when he acquired Phil Anschutz’s 26% stake and received the right of first refusal for any future sale of the controlling interest. TWG Global also holds stakes in various sports ventures, including the Los Angeles Dodgers, Los Angeles Sparks, Chelsea FC, and teams in the Professional Women’s Hockey League and Formula 1 under TWG Motorsports.

The Lakers, under Jerry Buss, became a dynasty after he purchased the team in 1979 for $67.5 million — a deal that also included the Los Angeles Kings and the Forum arena. Since then, the Lakers have won 11 NBA championships, more than any other team during that period.

Sources also confirmed that Luka Doncic, the Lakers’ newly acquired star in a blockbuster trade that sent Anthony Davis to the Dallas Mavericks earlier this year, was informed in advance about the ownership change.