Buss family to sell controlling stake of Lakers to Mark Walter for $10B valuation: report

The Buss family has agreed to sell the controlling stake of the Los Angeles Lakers to TWG Global CEO Mark Walter, doing so with a franchise valuation of $10 billion US — the most ever for a professional sports franchise, a person with knowledge of the agreement said Wednesday.

As part of the deal, Jeanie Buss — whose family has had control of the Lakers since her father bought the team in 1979 — intends to remain as team governor, said the person, who spoke to The Associated Press on condition of anonymity because neither side immediately announced details.

It is not clear how much more of the Lakers that Walter is acquiring. He was part of a group that bought 27 per cent of the Lakers in 2021.

ESPN first reported the agreement.

"Mark Walter is the best choice and will be the best caretaker of the Laker brand," Lakers legend Magic Johnson, a business partner of Walter's and someone extremely close to Jeanie Buss, posted on social media. "The proof is in the pudding on what he's been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner notching 2 World Series and 11 NL West divisional titles in the last 12 years!"

Johnson said he is certain Jeanie Buss made the deal only after being convinced that Walter will do right by the Lakers.

"Laker fans should be [ecstatic]," Johnson said. "A few things I can tell you about Mark — he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike — they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world."

The agreement for the sale