50 years of ownership, the Buss family is selling its controlling stake in the Lakers – marking the end of a historic era.
The Buss family, synonymous with the Los Angeles Lakers for nearly five decades, has officially agreed to sell its controlling interest in the franchise. The buyer is billionaire investor Mark Walter, CEO of TWG Global and co-owner of the Los Angeles Dodgers, Chelsea FC, and other high-profile sports properties. The deal values the Lakers at approximately $10 billion, making it the most expensive sale of a sports franchise in U.S. history.
Dr. Jerry Buss purchased the Lakers in 1979 for just $67.5 million, ushering in a golden era that produced 11 NBA championships and transformed the team into a global brand. After his passing in 2013, the family retained control through a trust, led by his daughter Jeanie Buss. Under her leadership, the team won its most recent championship in 2020.
With this sale, the Buss family will relinquish majority control but retain a significant minority stake. Jeanie Buss is expected to remain involved as team governor, both to ensure continuity and to comply with NBA rules requiring a designated principal owner. Sources report she will hold onto at least 15 percent of the team.
Walter is not new to the Lakers. He has quietly held a 27 percent stake in the team through his investment group and has long been considered a major player in sports ownership circles. His leadership style, marked by deep pockets and a focus on sustainability, has been credited with helping revitalize the Dodgers since their acquisition in 2012.
Reactions have poured in from figures across the basketball and sports world. Magic Johnson, a key figure in Lakers history, voiced strong support for the move, calling Walter “the right person to carry on the Lakers legacy.” Walter’s reputation for investing in winning teams has fueled speculation that the Lakers may soon make major moves to return to championship contention.
The deal is pending NBA approval, but it represents more than just a record-breaking transaction. It’s the symbolic end of the Buss family era – one of the most iconic and successful ownership runs in sports history. At the same time, it marks the beginning of a new chapter, with the potential to push the Lakers into a new phase of innovation, spending, and pursuit of glory.
For fans and the broader basketball community, the sale is both nostalgic and forward-looking – a reminder of the past while raising expectations for what’s next.
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