The Buss family has entered into an agreement to sell a majority stake in the Los Angeles Lakers, the major NBA basketball franchise, to billionaire businessman Mark Walter, it has been reported.
Walter, the chief executive and chairman of holding company TWG Global and already a minority shareholder in the Lakers, is set to take majority ownership under the agreement which values the team at $10 billion, according to ESPN.
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This would make it the largest-ever sale – financially speaking – of a professional sports team.
The agreement comes just three months after the Boston Celtics were acquired by a group led by US tech investor Bill Chisholm for around $6.1 billion, a record figure at the time for the league.
Walter is already an established figure in Los Angeles sports and has existing shares in the Los Angeles Dodgers Major League Baseball franchise and the Los Angeles Sparks of the women’s WNBA.
The late Jerry Buss purchased the Lakers in 1979 from Jack Kent Cooke in a $67.5 million transaction that also included the Los Angeles Kings NHL franchise and the Forum arena (now Crypto.com Arena).
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By GlobalDataThe Buss family turned the franchise into one of the most popular and successful sports teams globally, winning 11 NBA championships, the latest of which came in 2020.
Jerry’s daughter, Jeanie Buss, took over as principal owner after his death in 2013. ESPN reports that she will stay on as governor after the sale and continue to run the team for “at least a number of years.”
The Buss family will keep a minority share of the team, just over 15%, for a period of time.
The Lakers have been in the control of the Buss family for 46 years, the longest ownership of any current NBA franchise.
Walter acquired Phil Anschutz's 26% stake in the Lakers, alongside long-time business partner Todd Boehly, in 2021. At that time, Walter also received a right of first refusal on the majority share of the team.
At that time, Walter’s stake purchase valued the 18-time NBA champions at $5 billion.
As well as the Lakers, Dodgers, and Sparks, Walter and TWG Global have interests in several other professional sports organizations, including English Premier League soccer club Chelsea (also with Boehly) and the Professional Women's Hockey League.
Through TWG Motorsports, Walter owns several motor racing teams, including the new Cadillac Formula 1 team that will enter the iconic series in 2026.
Walter is also the CEO of the financial services firm Guggenheim Partners, which is estimated to have more than $325 billion in assets.
The Lakers become the latest NBA team to be sold, with multiple franchises changing ownership in recent years.
The Utah Jazz (2020), Phoenix Suns (2022), Dallas Mavericks, Charlotte Hornets (2023), and the Minnesota Timberwolves (2025) are among those to have been acquired during a time in which valuations for US sports teams are continuing to soar.
The Portland Trail Blazers are expected to soon join this list after the Paul G. Allen Estate ownership group formally began the process of selling the franchise last month. Forbes values the team at $3.5 billion.
