Mark Walter and the Buss family have officially announced that the majority stake of the Los Angeles Lakers franchise is being sold to the TWG Global CEO and owner of the L.A. Dodgers. News came out a week ago that this had been agreed to with Walter already being a minority owner in the franchise and having first right of refusal should the Buss family ever want to sell the team.
The move will certainly bring about some changes within the franchise with Walter showing throughout his time as owner of the Dodgers that he is willing to pour money into building up the organization at every level. But Jeanie Buss will still continue to serve as Lakers Governor for the foreseeable future, so there will be some stability throughout the franchise as this sale goes through.
Of course, buying a franchise isn’t like buying a loaf of bread at the grocery store and there are a number of things that must occur before this sale is fully official. And that is expected to occur later in 2025, according to Business Wire:
The sale is expected to close in the third or fourth quarter of 2025, subject to customary closing conditions including obtaining NBA approval.
The Buss family has owned the Lakers since Dr. Jerry Buss bought the franchise from Jack Kent Cooke back in 1979. Over that time, the Lakers have grown into one of the biggest and most recognizable franchises in sports around the world, not to mention one of the most successful. The Lakers won 11 NBA Championships over that span, nearly double of any other NBA team with legendary players such as Kobe Bryant, Magic Johnson, Kareem Abdul-Jabbar, Shaquille O’Neal and LeBron James all sporting the purple and gold.
Now, a new era is set to begin with Walter in charge, but the standards and expectations won’t change as the Lakers will surely still expect to be amongst the NBA elite every season. If Walter’s time as owner of the Dodgers is any indication, that is certainly something he can live up to.
The rest of the league will need to approve the sale before it can officially go through, which likely plays a role in the expected third or fourth quarter closing.
League-wide reaction of Lakers sale to Mark Walter is overwhelmingly positive
Reaction to the sale of the Lakers to Mark Walter from around the NBA has been extremely positive so far as well. One executive noted that the Lakers can now be run ‘like a real business’ while another noted that Walter’s positive impact will stretch throughout the entire organization, not just the on-court product.
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