The NBA world received massive news on Wednesday, when ESPN reported that the Buss family had agreed to sell majority ownership of the Los Angeles Lakers to Mark Walter, who is the CEO and chairman of TWG Global. The Buss family trust owns 66% of the team, and has owned the Lakers since 1979. Jeanie Buss will reportedly retain her role as the team’s governor after the sale, a position she’s held since Dr. Jerry Buss, her father, passed away in 2013.
The Lakers are the biggest brand in the NBA, and the reported price of the deal is a record $10 billion. They have won a total of 17 championships, with 11 coming since the Buss family took over. NBA legend Magic Johnson was a member of five of those championships, and he’s excited about this massive transaction.
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Johnson knows that Walter has experience building and maintaining successful franchises. Not only is Walter a part owner of the WNBA’s Los Angeles Sparks, but he also purchased the MLB’s Los Angeles Dodgers in 2012. Since then, the Dodgers have won two World Series while being aggressive in managing their roster. Johnson, who is also a part-owner of the Dodgers, released a statement on social media Wednesday congratulating the Buss family and Walter:
“Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the Lakers legacy and tradition of winning – Mark Walter, my business partner and friend! Mark Walter is the best choice and will be the best caretaker of the Laker brand. 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!
“Laker fans should be estatic. 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, l have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world. I am so so SO happy and excited for Lakers fans all over the world!!”
Later, Johnson said he spoke to Buss to congratulate her and tell her that her father would be proud.
He also made sure to fire a quick shot over at the rival Boston Celtics, who sold earlier this year for $6.1 billion.
“Just like I thought, when the Celtics sold for $6B, I knew the Lakers were worth $10B!” Johnson said.
The Lakers were purchased from Jack Kent Cooke in 1979 for $67.5 million. Now worth $10 billion, this will become the largest sale in U.S. sports history.
Just two other franchises in North American sports have been sold for $6 billion: The Celtics ($6.1 billion) and the NFL’s Washington Commanders were sold for $6.05 billion in 2023.
