Lakers to sell for eye-popping $15 billion

In a landmark deal set to reshape the landscape of US professional sports ownership, the Buss family has entered into an agreement to sell the majority stake in the Los Angeles Lakers to billionaire investor Mark Walter, ESPN reports. The transaction values the storied NBA franchise at approximately $15 billion—establishing a new record for the highest valuation of any professional sports team in United States history.

According to sources, the Buss family will maintain a minority ownership position of just over 15 percent for a period of time following the sale. Perhaps most significantly for Lakers fans concerned about continuity, Jeanie Buss will remain as the team's governor and continue to run day-to-day operations "for at least a number of years."

This provision was reportedly a guaranteed component of the agreement, with Walter fully endorsing the plan to keep Jeanie Buss at the helm for the foreseeable future. The arrangement appears designed to ensure stability while transferring majority control of one of sport's most valuable and recognisable brands.

Walter's Expanding Sports Empire

Mark Walter, already a significant figure in sports ownership, adds the Lakers to an impressive portfolio of sports properties. As CEO and chairman of diversified holding company TWG Global, Walter's interests span multiple professional sports organisations including the Los Angeles Dodgers (MLB), Los Angeles Sparks (WNBA), the Billie Jean Cup, Cadillac Formula 1 team, and the Professional Women's Hockey League.

Walter is no stranger to the Lakers organisation. In 2021, he purchased Phil Anschutz's 26 percent share of the team, which included a right of first refusal on any future sale of the majority stake—a provision he has now exercised to dramatic effect.

Known for avoiding public attention despite his considerable wealth and influence, Walter also serves as CEO of financial services firm Guggenheim Partners, which manages assets estimated at more than US$325 billion. Among Guggenheim's investors is Lakers legend Magic Johnson, who quickly endorsed the ownership change on social media, suggesting Lakers fans should be "ecstatic" about Walter's increased involvement.

End of an Era for the Buss Family

The agreement marks the conclusion of full Buss family control that began in 1979, when the late Dr. Jerry Buss purchased the franchise from Jack Kent Cooke as part of a $67.5 million transaction that also included the NHL's Los Angeles Kings and the Forum arena.

The 46-year Buss family ownership represents the longest continuous ownership tenure of any current NBA franchise, surpassing even Herb Simon's ownership of the Indiana Pacers, which began in 1983.

Under Buss family stewardship, the Lakers transformed from a valuable franchise into a global sports icon. Since Jerry Buss acquired the team in 1979, the Lakers have claimed 11 NBA championships—more than any other team during that span—featuring legendary players including Magic Johnson, Kareem Abdul-Jabbar, Shaquille O'Neal, Kobe Bryant, and more recently, LeBron James and Anthony Davis.

When Jerry Buss died in 2013, ownership was distributed among his six children, with Jeanie assuming the role of team governor and ultimately gaining full control of basketball operations. She has navigated the franchise through both challenges and triumphs, including the team's most recent NBA championship in 2020 during the pandemic-disrupted season.

Record-Breaking Valuation

The $10 billion valuation represents an extraordinary return on Jerry Buss's initial investment and reflects the Lakers' status as one of the most valuable sports properties globally. The figure dwarfs recent NBA franchise sales, including Mat Ishbia's 2022 purchase of the Phoenix Suns at a US$4 billion valuation and Joe Tsai's acquisition of the Brooklyn Nets in 2019 at a US$3.3 billion valuation.

This valuation significantly exceeds the previous record for an American sports franchise, which was the US$6.05 billion paid for the NFL's Washington Commanders in 2023. It also surpasses the largest global sports team transaction—the US$5.3 billion sale of Chelsea Football Club to a consortium led by Todd Boehly and Clearlake Capital in 2022.

The dramatic escalation in franchise values reflects both the NBA's growing global popularity and the increasing perception of top-tier sports teams as premium assets with unique commercial and cultural value.

What This Means for the Lakers

The agreement appears structured to maintain continuity in basketball operations. Jeanie Buss's continuing role as governor suggests that day-to-day basketball decisions will remain largely unchanged in the immediate future.

Walter's track record with the Dodgers may offer some insight into his ownership approach. Since leading the group that purchased the MLB team in 2012 for US$2.15 billion (then a record for a baseball team), Walter has overseen significant investment in both player talent and organisational infrastructure. Under his ownership, the Dodgers have remained among baseball's highest-spending teams and won the World Series in 2020, ending a 32-year championship drought.

Lakers fans might reasonably expect a similar commitment to maintaining the franchise's competitive position and willingness to invest in championship contention. Walter's partnership with Magic Johnson, one of the most beloved figures in Lakers history, may also help maintain connections to the franchise's storied past while navigating its future.

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