Buss family to sell majority stake in Los Angeles Lakers, signaling the end of an era

According to the report, the current owners of the Lakers, the Buss family, will transfer their controlling interest in the team to billionaire Mark Walter, who already possesses a stake in the franchise.

Although Jeanie Buss will remain as the governor of the Lakers, this agreement marks the conclusion of the Buss family's 47-year dominance over the NBA powerhouse.

Walter serves as the chief executive of TWG Global, a holding company that has developed an impressive collection of professional sports teams, including the Los Angeles Dodgers and the Los Angeles Sparks.

Additionally, TWG owns the Billie Jean King Cup tennis tournament and the Cadillac Formula One team.

While further details regarding the deal have not been revealed, Lakers legend Magic Johnson, who is a business associate of Walter, was among the first to respond to the announcement of the agreement.

"Laker fans should be ecstatic," Johnson wrote on X. "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."

Johnson referenced Walter's ownership of the Los Angeles Dodgers baseball team as a source of optimism. Since Walter's ownership group acquired the team, the Dodgers have secured the World Series title on two occasions.

"Mark is the best choice and will be the best caretaker of the Laker brand," Johnson wrote. "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."

The conclusion of the Buss family's ownership of the Lakers signifies the end of a significant era in the NBA.

The team was acquired by the dynamic entrepreneur Jerry Buss in 1979, who swiftly transformed the franchise into a dominant force in sports and a globally recognized brand.

The Buss era resulted in the Lakers securing 11 NBA championships—more than any other team during that timeframe—and included illustrious periods such as the "Showtime" Lakers led by Magic Johnson, as well as a trio of championships from 2000 to 2002 when the team was driven by Kobe Bryant.

Walter has held a minority stake in the Lakers since 2021, when he purchased a share of the team in a transaction that also granted him the first option to acquire the club if the Buss family ever chose to sell.

The sale of the franchise shatters the previous record for the highest amount paid for a US sports team, which was $6.1 billion for the Boston Celtics earlier this year.

That Celtics transaction surpassed the $6.05 billion that Josh Harris paid for the Washington Commanders in 2023.