Billionaire businessman Mark Walter has completed his purchase of the Los Angeles Lakers, the major NBA basketball franchise, after it was unanimously approved by the league’s board of governors.
Walter, the chief executive and chairman of holding company TWG Global and already a minority shareholder in the Lakers, has acquired a majority stake through an agreement with the Buss family that values the team at $10 billion.
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This makes it the largest-ever sale – financially speaking – of a professional sports team.
The Lakers announced that Jeanie Buss will remain governor of the franchise and continue to oversee day-to-day team operations for the foreseeable future.
The Buss family will keep a minority share of the team, just over 15%, for a period. The Lakers have been in the control of the Buss family for 46 years, the longest ownership of any current NBA franchise.
Walter said: “The Los Angeles Lakers are one of the most iconic franchises in all of sports. Few teams carry the legacy and global influence of the Lakers, and it’s a privilege to work alongside Jeanie Buss as we maintain that excellence and set the standard for success in this new era, both on and off the court.”
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By GlobalDataThe 65-year-old initially agreed a deal to take majority ownership of the Lakers in June. That came 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 league figure at the time.
The Lakers become the latest NBA team to be sold, as multiple franchises have changed 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.
They will soon be joined by the Portland Trail Blazers after a consortium led by financial services businessman Tom Dundon reached an agreement to buy the franchise from the Paul G. Allen Estate ownership group last month for around $4 billion.
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).
The 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, took over as principal owner after he died in 2013.
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.
He 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, his 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 Guggenheim Partners financial services firm, which is estimated to have more than $325 billion in assets.
Meanwhile, the NBA has announced a renewed long-term partnership with Cosm to produce and distribute live games in shared reality at the technology, media, and entertainment company's entertainment venues through 2030 and beyond.
During the 2025-26 season, Cosm will produce and present key national games across ABC/ESPN, NBC/Peacock, and Amazon Prime Video, as well as select games and events during the NBA All-Star, the NBA Playoffs, and the NBA Finals.
In February 2023, the NBA became the first-ever professional sports league to partner with Cosm ahead of the opening of the company's first entertainment venue in Los Angeles in July 2024.
The tech firm has since opened its second venue in Dallas and is slated to open three additional venues in Atlanta, Detroit, and Cleveland in 2026 and 2027, with more locations to come.
Cosm venues provide fans with a view of the game from a range of angles, including behind the bench and under the rim.
The Los Angeles venue in Inglewood will provide NBA All-Star activities in February 2026, with the game to be staged at the local Intuit Dome, home of the LA Clippers.
In August, Cosm agreed a multi-year partnership extension with American football’s NFL.
