The Los Angeles Lakers, one of the most iconic and valuable franchises in the NBA, is going to have new majority ownership.
The Buss family, led by Jeanie Buss, has reached an agreement to sell a majority ownership stake to businessman Mark Walter, the CEO and founder of holding company TWG Global, for a $10 billion valuation, a person with knowledge of the agreement confirmed to USA TODAY Sports.
The person spoke under the condition of anonymity because they were not authorized to publicly disclose details of the agreement.
The sale breaks the record for the most expensive purchase agreement of a U.S. pro sports franchise in history.
The person also confirmed that Jeanie Buss, 63, will remain in her position as the governor of the Lakers in the short-term, a setup that accounts for estate planning for the family. This arrangement is similar to the one longtime Celtics managing partner Wyc Grousbeck arranged in the March 2025 sale of that franchise to William Chisholm.
The Celtics sold for a $6.1 billion valuation, which had set the record for a North American sports franchise.
Walter is also the chairman and controlling owner of the Los Angeles Dodgers and also has interests in the WNBA’s Los Angeles Sparks, the Billie Jean Cup, the Cadillac Formula 1 team and the Professional Women’s Hockey League. Thanks to an investment he made in July 2021 in which he and business partner Todd Boehly acquired a 27% minority interest in the Lakers, Walter also was given the right of first refusal on the majority share of the Lakers, should the franchise become available for sale.
Former Lakers point guard and Hall of Famer Magic Johnson, who is also a member of the investment group Walter used to buy a controlling stake in the Dodgers, praised the move Wednesday, June 18, in a social media post.
“Laker fans should be estatic (sic),” Johnson wrote. “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, l (sic) have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world. I am so so SO happy and excited for @Lakers fans all over the world!!”
Johnson added that Walter “is the best choice and will be the best caretaker” of the franchise.
The sale price actually dwarfed the team’s estimated valuation. According to Forbes, which publishes its annual list of valuations of sports franchises, the Lakers were ranked as the eighth-most valuable franchise in the world in 2024, valued at $7.1 billion.
Jerry Buss, the father of Jeanie, purchased the Lakers in 1979, and the family has had controlling ownership over the franchise since. The Lakers have won 18 NBA championships, second only to the Boston Celtics.
Jerry Buss died in February 2013, which prompted Jeanie, who had overseen the business side of the franchise, to take over as governor.