The Los Angeles Lakers are set to be sold in a landmark $10 billion transaction, making the legendary NBA franchise the most valuable sports team in U.S. history, according to ESPN.
The record-breaking deal will see billionaire investor Mark Walter acquire a controlling stake from the Buss family, who have owned the team since 1979. Although Jeanie Buss will remain in her role as the Lakers’ governor, the agreement marks the end of a 46-year era of family stewardship that produced 11 NBA championships.
Walter, the CEO of TWG Global, already holds a minority interest in the Lakers and is a prominent figure in the world of professional sports ownership. His portfolio includes the Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, Premier League club Chelsea, the Billie Jean King Cup, and the Cadillac Formula One team.
While terms of the deal remain confidential, Lakers legend and longtime Walter associate Earvin “Magic” Johnson publicly endorsed the move on social media.
“Laker fans should be ecstatic,” Johnson wrote on X. “Mark is driven by winning, excellence, and doing everything the right way. He will invest whatever it takes to win. I can understand why Jeanie chose him — they’re cut from the same cloth.”
Johnson pointed to Walter’s transformative impact on the Dodgers, who have won two World Series titles under his ownership. Most recently, the team signed Japanese superstar Shohei Ohtani to a 10-year, $700 million contract, further cementing Walter’s reputation as a bold, success-driven owner.
“Mark is the best choice and will be the best caretaker of the Lakers brand,” Johnson added. “Just look at what he’s done with the Dodgers — he’s a proven winner.”
The sale closes a storied chapter in NBA history. Jerry Buss purchased the Lakers in 1979 and turned them into a global sports powerhouse, ushering in the iconic “Showtime” era led by Magic Johnson and later championship runs powered by Kobe Bryant and Shaquille O’Neal.
The franchise’s most recent title came in 2020 with LeBron James at the helm. Earlier this year, the Lakers made headlines again by acquiring Dallas Mavericks star Luka Dončić.
Walter, who joined the Lakers’ ownership group in 2021, had secured right of first refusal in the event of a future sale — a clause that now pays off with full control of the franchise.
The $10 billion price tag shatters the previous U.S. sports record of $6.1 billion, set by the sale of the Boston Celtics earlier this year. That deal had only narrowly eclipsed the $6.05 billion paid for the NFL’s Washington Commanders in 2023.
With this blockbuster acquisition, Walter assumes leadership of one of the most storied brands in sports — a team steeped in legacy and now positioned for a new era of ambition and innovation.
