Introduction
The Los Angeles Lakers, home to NBA superstars LeBron James and Luka Doncic, are set to be sold for a record-breaking $10 billion. The historic Lakers franchise, long under the ownership of the Buss family, will transfer its majority stake to Mark Walter, owner of the Los Angeles Dodgers in MLB and Los Angeles Sparks in WNBA.
About the Buyer: Mark Walter
Mark Walter, a multimillionaire and CEO of TWG Global, is the new majority owner. His impressive portfolio includes professional sports teams such as the Dodgers, Los Angeles Sparks, Billie Jean King Cup in women’s tennis, and the soon-to-join Formula One team Cadillac. Walter’s acquisition of the Lakers marks the end of an era in American sports, as the Buss family’s 47-year control over the Lakers comes to a close.
The Buss Family’s Legacy
Jerry Buss purchased the Lakers in 1979 and quickly transformed them into a global powerhouse, winning 11 championships during his tenure. The Buss family’s era included legendary players like Magic Johnson, whose “Showtime” Lakers dominated the 1980s. Magic Johnson endorsed Walter as the best choice to carry on the Buss legacy:
- Quote from Magic Johnson: “Mark is the best option and will be the best steward of the Lakers brand.”
- Johnson’s Confidence in Walter: “I know my sister Jeanie would only consider selling the Lakers organization to someone she knows and trusts to continue our family’s legacy.”
- Mutual Respect and Trust: “Both Mark and I are extremely intelligent, visionary leaders who have positively impacted the Greater Los Angeles community.”
Lakers’ Recent Successes and Future Plans
Under the Buss family, the Lakers won 17 championships, including three consecutive titles from 2000 to 2002 led by the late Kobe Bryant. LeBron James, at 40, continues to lead the team, with Luka Doncic, a young Slovenian star, ensuring the franchise’s future success.
Walter’s Previous Involvement with the Lakers
Walter has been a minority owner of the Lakers since 2021, giving him the right of first refusal should the Buss family decide to sell. This sale follows closely behind the recent $6.1 billion sale of the Boston Celtics, setting a new record for the NBA.
