With a $10 billion franchise valuation—the highest ever for a professional sports team—the Los Angeles Lakers’ majority stake is set to be sold to Chelsea co-owner Mark Walter.
According to the Associated Press, Jeanie Buss, whose family has owned the Lakers since her father purchased the team in 1979, plans to continue serving as team governor as part of the agreement.
How much more of the Lakers Walter is acquiring is unclear. In 2021, he was a member of a group that purchased 27% of the Lakers. After this deal is finalized, Jeanie Buss will still own at least 15% of the Lakers; according to NBA regulations, a governor must own at least that much of the team.
Walter and TWG Global already owned a majority stake in the Professional Women’s Hockey League, the Los Angeles Dodgers, Chelsea of the Premier League, and a number of auto racing teams, including Cadillac Formula 1, through TWG Motorsports.
The news of the sale to Walter is “a very exciting day for the Lakers, for the city of Los Angeles,” according to Dodgers manager Dave Roberts.
“Mark Walter is the best choice and will be the best caretaker of the Laker brand,” Lakers legend Magic Johnson, a business partner of Walter’s and someone extremely close to Jeanie Buss, posted on social media.
“The proof is in the pudding on what he’s been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner notching two World Series and 11 NL West divisional titles in the last 12 years!”
Johnson stated that he is positive Only after being persuaded that Walter would act honorably toward the Lakers did Jeanie Buss make the deal.
“Laker fans should be (ecstatic),” Johnson said. “A few things I can tell you about Mark – he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win!
“I can understand why Jeanie sold the team to Mark Walter because they are just alike – they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world.”
Walter avoids the limelight out of extreme privacy. He serves as the CEO of Guggenheim Partners, a financial services company with an estimated asset value of over $325 billion. One of Guggenheim’s investors is Johnson.
The Lakers’ sale agreement was reached roughly three months after Bill Chisholm agreed to purchase the Boston Celtics for an initial valuation of $6.1 billion, setting a record and surpassing the $6.05 billion sale of the NFL’s Washington Commanders.
The NBA’s board of governors has not yet given its final approval to the Celtics’ sale. Next month, that board will meet in Las Vegas.
The Lakers will now be sold for $10 billion, which is not only a record but also a complete smash of the previous high.
Of all the current NBA teams, the Lakers have been owned by the Buss family for the longest period of time—46 years. In 1983, Herb Simon became the second-longest owner of an NBA team when he purchased the Indiana Pacers, who are now in the NBA Finals.
After purchasing the Lakers for $67.5 million, Jerry Buss led the team to the NBA Finals 16 times and won 10 titles during that time. Buss’ six children, who all spent years working for the Lakers in different capacities, took control of the trust after his death in 2013.
The family eventually started fighting over authority. After Jeanie Buss removed Jim Buss as the Lakers’ executive vice president of basketball operations, she went to court after her brothers, Jim and Johnny Buss, called a board meeting, which she saw as a challenge to her authority. In 2017, an agreement was reached for Jeanie Buss to serve as controlling owner.