Decades after Jerry Buss bought the Los Angeles Lakers, the iconic franchise has changed hands in a historic move.
Lakers Change Hands in Historic Sale
Majority Ownership Sold with a Twist
ESPN’s Shams Charania reported Wednesday that the Buss family has sold a majority ownership stake to Mark Walter, CEO of TWG Global. Despite the sale—for an unprecedented $10 billion—Jeanie Buss will continue to serve as Governor of the franchise.
BREAKING: The Buss family is entering an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, the CEO and chairman of diversified holding company TWG Global, sources tell ESPN. Jeanie Buss will continue to serve in her role as Governor after the sale. pic.twitter.com/1Da6LDD7TJ
— Shams Charania (@ShamsCharania) June 18, 2025
The late Dr. Buss purchased the Lakers in 1979 from Jack Kent Cooke, a prominent Canadian-American businessman. In that time, the franchise has seen 11 NBA championships, a move between two prominent venues, and a plethora of superstars don the purple and gold for either a few years or their entire careers.
Walter, who has been a stakeholder in the Lakers since 2021, has received a “right of first refusal on the majority share of the team,” according to ESPN. The CEO also has stakes in the Dodgers and Sparks, as well as numerous sports organizations: the Billie Jean Cup, Cadillac Formula 1 team and the Professional Women’s Hockey League (PWHL).
Lakers legend Magic Johnson was among the first to react to the news, writing on X that Laker fans should be “ecstatic” for the team’s future.
Laker fans should be estatic. 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 -…
— Earvin Magic Johnson (@MagicJohnson) June 18, 2025
The Lakers’ sale tops that of their rival Boston Celtics, who were sold to Bill Chisholm for $6.1 billion in March.
Lakers Willing to Outspend the League
Seeing that Walter has primary ownership in the Dodgers—a franchise enjoying recent success in its own right—many would, and should, expect him to do the same for the purple and gold. While other teams have willingly spent money to build contenders (in spite of recent CBA restrictions), the Lakers’ new owners should strive to splurge for the sake of adding banners in the rafters. While fans shouldn’t expect Nikola Jokic or Giannis Antetokounmpo to walk through the door, they can rest assured knowing a successful team owner (with some pretty deep pockets and a track record of titles) will soon control one of the biggest franchises in the NBA.
Fans thought the Lakers entered a new era at the trade deadline. It turns out the real shift begins now.
© Kirby Lee-Imagn Images
