The Los Angeles Lakers, one of the most storied franchises in sports history, are set to be sold in a landmark deal valued at an estimated $10 billion, marking the most expensive sale of a U.S. sports team ever, a source familiar with the transaction confirmed.
The Buss family, who have owned the iconic NBA team since 1979, have agreed to sell their majority stake to TWG Global CEO Mark Walter, a billionaire financier with a proven track record in sports ownership.
The transaction, which could increase in value upon finalization, surpasses the previous record set by the $6.1 billion sale of the Boston Celtics earlier this year and the $6.05 billion sale of the Washington Commanders in 2023.
Walter, who already holds a 20% stake in the Lakers since 2021, also controls the Los Angeles Dodgers, which won the World Series last year, and has investments in Chelsea Football Club and the upcoming Cadillac Formula 1 Team, set to debut in 2026.
A spokesperson for Walter’s company confirmed the deal, stating, “Mark Walter is entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers, of which he has been a stakeholder since 2021.”
The Buss family’s 66% stake, held in a trust since the death of patriarch Jerry Buss in 2013, required approval from the majority of his six children. Jeanie Buss, the Lakers’ governor since 2013, will reportedly retain her role under the terms of the sale.
Under Buss family ownership, the Lakers have been a dominant force, securing 11 NBA championships and appearing in the Finals 17 times since 1979, when Jerry Buss purchased the team for $67.5 million, a deal that also included the Los Angeles Kings and the Kia Forum arena.
Despite recent playoff appearances led by superstar LeBron James, the team has faced early eliminations in the past three seasons.
Lakers legend Magic Johnson, a former stakeholder, expressed enthusiasm for the sale on X, praising Walter’s leadership with the Dodgers and confidence in his ability to uphold the Lakers’ legacy.
“I just talked to my sister Jeanie Buss to tell her congratulations,” Johnson posted. “She’s witnessed him build a winning team with the Dodgers and knows that Mark will do right by the Lakers team, organization, and fans!”
The deal, reported by U.S. media to value the Lakers at a minimum of $10 billion, underscores the skyrocketing valuations of top-tier sports franchises and signals a new chapter for the Lakers under Walter’s stewardship.