Mark Walter is set to become the majority owner of the Los Angeles Lakers after striking a deal that values the franchise at $10 billion. The transaction is on track to be completed by either the third or fourth quarter of this year.
On Wednesday, a statement from the parties involved revealed that Jeanie Buss, whose family has overseen the Lakers for nearly half a century, will maintain her role as the team’s governor and continue managing day-to-day operations for the foreseeable future.
Walter has held a minority stake in the Lakers since 2021. The team was initially purchased by Jerry Buss, Jeanie Buss’ father, back in 1979.
Jeanie Buss emphasized her commitment to maintaining a winning tradition in Los Angeles, stating, “From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning — relentlessly — and to doing so with passion and with style.” She praised Walter, “I have gotten to know Mark very well over time and been delighted to learn how he shares those same values. For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue the Lakers’ extraordinary legacy.”
Mark Walter, who is the chairman and CEO of TWG Global, holds ownership interests in several sports organizations, including the Los Angeles Dodgers, the LA Sparks of the WNBA, the Billie Jean King Cup, the Cadillac Formula 1 Team, and the Professional Women’s Hockey League. He praised the Lakers’ legacy, stating, “Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys.”
This agreement arrived roughly three months following the announcement that Bill Chisholm intended to purchase the Boston Celtics, with an initial valuation of $6.1 billion. This transaction was anticipated to establish a new record until the $6.05 billion sale of the NFL’s Washington Commanders.
However, the sale of the Celtics is still in the process of finalizing and awaits the NBA’s board of governors’ approval.