Wednesday afternoon brought brought about some major news as it was reported that the Buss family had agreed to sell their majority share of the Los Angeles Lakers to Mark Walter, CEO of TWG Global, for a record $10 billion valuation. The Buss family has owned the Lakers since Dr. Jerry Buss bought the team in 1979, experiencing unbelievable success with 11 NBA Championships and countless all-time great superstars wearing the purple and gold over that time.
When Dr. Buss passed away in 2013, ownership of the Lakers was passed along to his six children in a trust, with each owning an equal share. Jeanie Buss serves as team president and chairman of the board, but any sale of the franchise would need a majority vote of the Buss children to be approved.
According to Dave McMenamin of ESPN, that is precisely what happened as the Buss siblings approved the sale to Walter with a majority vote:
The Los Angeles Lakers intended $10 billion sale to Mark Walter was approved by the Buss siblings through a majority vote, a source familiar with the situation told ESPN
— Dave McMenamin (@mcten) June 19, 2025
But while a majority vote did occur, it was not a unanimous vote as there were reportedly some Buss children who did not want to sell the team, via ESPN’s Brian Windhorst:
“There are six Buss children: four children from Jerry Buss’ first marriage, two children from his second marriage. They each have equal share. For them to sell, they had to have a majority of them [vote yes]. There were some in that group who wanted to sell. There were some in that group who didn’t want to sell.”
This is an absolutely monumental moment in the history of the Lakers as the Buss family has been synonymous with this franchise since 1979. While Jeanie will continue on in her role, and Walter has a strong track record so far with the success of the Los Angeles Dodgers since he took that franchise over, it remains a shock to see the Buss family no longer in charge of the purple and gold.
Luka Doncic & LeBron James excited about Lakers sale
There is now even more buzz surrounding the Lakers as the offseason is right around the corner and that excitement apparently extends to the franchise’s superstar duo in LeBron James and Luka Doncic.
Both Doncic and James are reportedly excited about what this sale means for the team. A recent report notes that this sale should allow for the team to put more money towards things such as the scouting and analytics departments amongst other things, that will make the Lakers an even more inviting destination for players in the future.
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