The Buss family, owners of the Los Angeles Lakers, has agreed to sell a majority stake reportedly valued at $10 billion to TWG Global CEO Mark Walter, Afrosport reports.
The deal, which marks the highest ever for a U.S. professional sports franchise will see the Buss family keep a minority share of the team, which approximately equates to just over 15%, for a period of time.
According to reports, Jeanie Buss will remain the Lakers’ governor and continue to run the team for “at least a number of years,” with the condition fully supported by Walter.
The family have owned the Lakers since 1979 when Jerry Buss bought the franchise from Jack Kent Cooke in a $67.5 million deal that included the Los Angeles Kings hockey team and a Los Angeles arena, known as the Forum.
Since the Buss family takeover, the Lakers have won more championships (11) than any other NBA team, and have made 17 NBA Finals appearance under their ownership.
Walter, meanwhile, has been a stakeholder in the Lakers since 2021, since purchasing the 26% shares formerly held by Phil Anschutz. The 65-year-old billionaire was also provided with a right of first refusal on the majority share of the team.
He also has a controlling stake in the Los Angeles Dodgers, the professional US baseball team that won the World Series last year. He has investments with various sports teams globally, including Chelsea and Strasbourg football clubs and the Cadillac Formula 1 Team, which is set to begin operations in 2026.
This deal follows the March sale of the Boston Celtics to Bill Chisholm for $6.1 billion – which at that time was the priciest sale of a US sports franchise, having surpassed the 2023 sale of the Washington Commanders American football team for $6.05 billion.
