Historic Lakers Sale Sets New Sports Valuation Record
The Los Angeles Lakers, one of the most iconic franchises in professional sports, are set to change hands after 46 years under the control of the Buss family. Sources confirm an agreement has been reached for Mark Walter, CEO and chairman of TWG Global, to acquire majority ownership of the team.
The landmark transaction values the Lakers franchise at an estimated $10 billion, a figure that reportedly shatters previous records and stands as the highest valuation ever for a U.S. professional sports franchise. This staggering price underscores the immense global brand power and financial strength of the Lakers organization.
While the controlling stake is being sold, the Buss family is expected to retain a significant minority ownership, estimated at just over 15%, for a period.
Continuity in Leadership: Jeanie Buss to Remain Governor
A crucial element of the agreement ensures continuity in the Lakers’ front office. Jeanie Buss, who has served as the team’s controlling owner and governor, will remain in her leadership role for “at least a number of years.” Sources indicate that this was a guaranteed part of the deal, with Mark Walter fully endorsing Buss continuing to run the team for the foreseeable future. Under NBA rules, maintaining the role of team governor requires an individual to hold at least a 15% ownership stake, aligning with the Buss family’s expected retained share.
Who is Mark Walter? The New Face of Lakers Ownership
The buyer, Mark Walter, is a prominent figure in the sports and finance worlds. As CEO and chairman of diversified holding company TWG Global, he brings extensive experience in managing large-scale organizations.
Walter is not entirely new to the Lakers’ ownership structure. He first became a stakeholder in 2021, acquiring a significant portion of the 27% share previously held by Phil Anschutz alongside fellow Dodgers co-owner Todd Boehly. That earlier deal also included a right of first refusal on the majority stake, which Walter is now exercising.
His sports portfolio through TWG Global is vast and impressive, including:
Controlling ownership of MLB’s Los Angeles Dodgers
Co-ownership of the WNBA’s Los Angeles Sparks
A stake in Premier League football club Chelsea
Involvement in the Professional Women’s Hockey League (PWHL)
- Ownership of several auto racing teams, notably Cadillac Formula 1, via TWG Motorsports
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- apnews.com
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- www.sportsbusinessjournal.com
Walter is also the CEO of financial services firm Guggenheim Partners, which manages assets estimated at over $325 billion. Lakers legend Magic Johnson is among Guggenheim’s investors and a business partner of Walter’s.
Why $10 Billion? Unpacking the Record Valuation
The $10 billion valuation significantly surpasses recent high-profile sports franchise sales, including the pending sale of the Boston Celtics for an initial valuation of $6.1 billion and the previous overall record of $6.05 billion for the NFL’s Washington Commanders.
Sources suggest Walter’s compelling offer expedited the Buss family’s plans, as they were already considering a sale for estate planning purposes. It’s important to note that, unlike the original 1979 purchase by Jerry Buss which included assets like the Forum arena, this $10 billion transaction does not include ownership of the Crypto.com Arena. The arena is owned and operated separately by Anschutz Entertainment Group (AEG).
A key factor driving the unprecedented valuation is the Lakers’ massive and long-term local television rights deal with Spectrum Sportsnet, which runs through 2032. This deal is considered one of the most lucrative in the NBA, reportedly valued at $184.71 million last season and projected to increase annually, reaching over $218 million by the 2028-29 season. In comparison, the Celtics’ local TV deal is valued significantly lower over the same period. Walter also inherits a stable, long-term lease agreement for the Crypto.com Arena, signed during the pandemic.
End of an Era: The Buss Family’s Storied Legacy
The sale marks a historic moment, concluding the Buss family’s 46-year tenure as the Lakers’ owners – the longest current ownership period in the NBA. The late Jerry Buss purchased the franchise in 1979 for $67.5 million in a deal that included the Los Angeles Kings and the Forum.
Under the Buss family’s stewardship, the Lakers became a global powerhouse, securing 11 NBA championships since 1980 and 17 total titles, tying them for the second-most in league history. Their ownership spanned generations of iconic players, from Magic Johnson and Kareem Abdul-Jabbar to Kobe Bryant, Shaquille O’Neal, and LeBron James.
Following Jerry Buss’s passing in 2013, ownership transitioned to a family trust controlled by his six children. While several children were involved in the organization, internal family disputes over control eventually led to a 2017 agreement, formalized after legal challenges, which designated Jeanie Buss as the controlling owner. The current sale agreement with Walter was approved by a majority vote among the Buss siblings.
Reactions and Future Outlook
The news has been met with positive reactions from figures closely associated with the team and Mark Walter. Lakers legend and business partner Magic Johnson publicly endorsed the move, calling Walter “the best choice and will be the best caretaker of the Laker brand.” Johnson highlighted Walter’s track record with the Dodgers, citing 2 World Series titles and 11 NL West division titles in the last 12 years as “proof in the pudding.” He described Walter as driven by winning, excellence, and a willingness to invest necessary resources, noting these qualities align with Jeanie Buss and likely influenced her decision to sell to him.
Dodgers manager Dave Roberts echoed the sentiment, calling it “a very exciting day for the Lakers, for the city of Los Angeles,” and emphasizing Walter’s competitive nature and commitment to producing a championship-caliber team.
Walter’s group is credited with revitalizing the Dodgers’ financial operations, transforming the team into a powerhouse backed by lucrative deals like their media rights contract. This suggests Walter could bring a similar approach to the Lakers, potentially leading to increased investment in the front office and support staff, which have been described as relatively lean in the past. There is also anticipation that Magic Johnson could take on a management or advisory role within the organization under Walter’s ownership. Some observers foresee potential synergy between the Dodgers and Lakers organizations given Walter’s control over both Los Angeles sports giants.
The sale is pending final approval by the NBA’s board of governors, which is scheduled to meet in Las Vegas next month.
