There was some shocking news involving the Los Angeles Lakers on Wednesday afternoon as it was reported that the Buss family is selling a majority ownership stake in the team to Mark Walter, who was already a minority owner and also owns the L.A. Dodgers. Walter is the CEO and chairman of TWG Global.
There was no previous indication that the family was looking to sell as Dr. Jerry Buss bought the team in 1979 and turned them into a juggernaut that has since won 11 championships.
Everyone has their price though and according to Shams Charania of ESPN, the Buss family is selling to Walter at a record valuation of around $10 billion:
Mark Walter is entering agreement to purchase majority ownership of the Lakers from the Buss family for a valuation of approximately $10 billion, the largest sale of a professional sports franchise in the world, sources tell ESPN.
$10 billion. https://t.co/mgZkxcdXnp
— Shams Charania (@ShamsCharania) June 18, 2025
The Boston Celtics were just sold at a valuation of $6.1 million, for comparison, so this is certainly the largest sale in the history of sports.
Walter and his partners already owned 27% of the Lakers and now will on a majority share, although it remains to be seen just how much as early indications are that Jeanie Buss will retain her role as Governor of the franchise.
While the Buss family selling the Lakers could never be forecasted, it was reported in 2021 when Walter bought a minority stake that he would have first right of refusal for all future ownership stake. So it appears this was his vision all along, and now he can say he owns the Lakers, Dodgers and Sparks in addition to his other business ventures.
Previous Lakers owners and sale valuations
Before Dr. Jerry Buss bought the Lakers in 1979 for $67.5 million, they were owned by Jack Kent Cooke, who purchased the team in 1965 for a then league record amount of $5.175 million
He bought the team from Bob Short, who bought it for $200,000 in 1956 and eventually moved the Lakers to L.A.
The Lakers were originally founded as the NBL’s Detroit Gems by Dearborn businessmen Morris Winston and C. King Boring, beginning play in the 1946–47 season. A year later, Ben Berger and Morris Chalfen purchased the organization for $15,000 and relocated it to Minnesota, changing its name from the Gems to the Lakers. General manager Max Winter bought a third of the club in their early years and sold his share to George Mikan in 1954. Berger bought Mikan’s share in 1956, giving him a controlling interest.
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