The Los Angeles Lakers are set to change ownership in a record-shattering $10 billion deal, marking the highest sale ever for a U.S. sports franchise, ESPN reported on Wednesday.
The deal will see billionaire Mark Walter, current CEO of TWG Global and minority stakeholder in the Lakers, acquire a controlling interest from the Buss family, who have led the franchise for 46 years. Jeanie Buss will remain in her role as Lakers governor, but the family’s direct control of the NBA powerhouse will come to an end.
Walter, whose sports empire includes the Los Angeles Dodgers (MLB), the Los Angeles Sparks (WNBA), and a stake in Chelsea FC (English Premier League), is expected to bring a new wave of investment and ambition to the Lakers. TWG Global also owns the Billie Jean King Cup and the Cadillac Formula One team.
Reacting to the news, Lakers legend and business partner Earvin “Magic” Johnson praised the deal.
“Laker fans should be ecstatic,” Johnson wrote on X. “Mark is driven by winning, excellence, and doing everything the right way… I can understand why Jeanie sold the team to him — they are just alike.”
Johnson pointed to Walter’s track record with the Dodgers, who have clinched two World Series titles under his leadership and made headlines with the record-setting $700 million signing of Shohei Ohtani.
Walter has held a minority stake in the Lakers since 2021 through a deal that included first refusal rights in the event of a future sale. That clause paved the way for this landmark acquisition.
The $10 billion agreement surpasses the previous record for a U.S. sports team sale — the $6.1 billion purchase of the Boston Celtics earlier this year — and dwarfs the $6.05 billion paid by Josh Harris for the Washington Commanders in 2023.
With this move, the Lakers not only make history financially but also begin a new chapter under ownership determined to restore championship glory to one of the NBA’s most storied franchises.
