$10 Billion Shock: Buss Family Sells Majority Stake in Lakers to Dodgers Co-Owner Mark Walter

Los Angeles, CA — In a monumental shakeup that reverberated through the sports world on Thursday morning, the Buss family, long synonymous with the Los Angeles Lakers, has agreed to sell majority ownership of the iconic NBA franchise to Mark Walter, co-owner of the Los Angeles Dodgers, at a stunning $10 billion valuation — the highest ever for any U.S. professional sports franchise.

The landmark agreement, first reported by ESPN, marks the end of a 46-year era of Buss family control that began in 1979 when the late Dr. Jerry Buss purchased the Lakers for $67.5 million. Since then, the Lakers have become not just an NBA powerhouse but a global brand — collecting 11 championships and producing some of the sport’s greatest legends.

The Deal: What We Know

According to sources close to the transaction, the Buss family will retain a minority share of just over 15% and will remain involved in the team’s governance. Most notably, Jeanie Buss, who has served as team governor since her father’s death in 2013, will continue to lead the organization “for at least a number of years”, a provision built into the sale agreement and fully endorsed by Walter himself.

Jeanie’s continued leadership, sources say, was a non-negotiable term of the deal — a gesture of respect for her stewardship during a complex era of team management and league-wide transformation.

Who Is Mark Walter?

Mark Walter, 64, is a low-profile but immensely powerful figure in American sports and finance. As the CEO and chairman of TWG Global, a diversified holding company, and CEO of Guggenheim Partners, a financial firm with over $325 billion in assets, Walter has steadily built a portfolio of high-profile sports ventures.

In addition to co-owning the Dodgers, Walter also holds stakes in the Los Angeles Sparks (WNBA), the Billie Jean King Cup, the Cadillac Formula 1 team, and the Professional Women’s Hockey League. He first acquired a 26% stake in the Lakers in 2021 after purchasing Phil Anschutz’s shares — which also included a right of first refusal on any future majority sale.

Now, that clause has been triggered.

A Wave of NBA Ownership Changes

The timing of the Lakers’ sale adds to a growing trend of ownership transitions across the NBA. Just in the past two years:

Mark Cuban sold a majority share of the Dallas Mavericks for $3.5 billion in 2023.

Wyc Grousbeck agreed to sell the Boston Celtics to billionaire Bill Chisholm for $6.1 billion, though that deal still awaits league approval.

The Lakers’ sale, at nearly triple the value of Cuban’s deal, resets the market once again — further solidifying the NBA as one of the most lucrative leagues in the world.

Magic Johnson Gives His Blessing

Perhaps no figure holds more sway with Laker Nation than Magic Johnson, and the five-time NBA champion did not hold back in expressing his approval of the deal.

“Mark Walter is the best choice and will be the best caretaker of the Laker brand,” Johnson wrote on X. “The proof is in the pudding — 2 World Series, 11 division titles with the Dodgers in 12 years.”

Magic, who is part of Walter’s Dodgers ownership group and an investor in Guggenheim Partners, said he was confident Jeanie Buss would only hand over the reins if she truly believed in Walter’s vision and integrity.

“They are just alike — competitive, humble, generous, and behind-the-scenes leaders,” Johnson continued. “This makes all the sense in the world.”

What This Means for the Lakers

The Buss family’s reign saw the Lakers go from the brink of irrelevance to becoming the gold standard of NBA excellence. From Magic and Kareem, to Shaq and Kobe, to LeBron James, the Buss name has been linked to every major Laker milestone over nearly five decades.

But recent years have brought mixed results — from the 2020 title in the Orlando “bubble,” to failed front office experiments, and a carousel of head coaches. The acquisition of Luka Dončić in a blockbuster trade earlier this year breathed new life into the team, but it’s clear a deeper transformation was underway behind closed doors.

Sources say Doncic was given a “short heads-up” on the sale before the news broke — a sign of the team’s commitment to keeping its new franchise cornerstone in the loop.

Jeanie’s Final Chapter — or Just Another Act?

Though she’s no longer majority owner, Jeanie Buss remains very much the face and voice of the Lakers, at least for now.

Walter’s agreement to let her stay on signals continuity, not upheaval — a relief to many fans and players wary of massive front-office turnover.

Whether this represents a slow fade into the background for the Buss family or simply a new partnership era remains to be seen. But one thing is certain: Jeanie Buss will be the one guiding the Lakers — and their fans — through the transition.

A Billion-Dollar Legacy

The $10 billion valuation now places the Lakers at the very top of U.S. sports franchises, ahead of:

Dallas Cowboys – $9.2B

Golden State Warriors – $8.6B

New York Yankees – $7.8B

It’s a fitting exit for a family that helped define modern sports ownership.

From court-side glitz to dynasty glory, from Showtime to streaming — the Lakers under the Buss family weren’t just a team. They were Hollywood.