The Buss family is set to sell a majority stake in the Los Angeles Lakers, valuing the franchise at $10 billion, marking the end of a significant chapter for one of the NBA’s most influential families.
Buss Family Sells Lakers To Mark Walter
Mark Walter, CEO and chair of holding company TWG Global, will hold the majority ownership of the Lakers under the deal. Walter, who is also the primary owner and chair of the Los Angeles Dodgers (Major League Baseball) and the Los Angeles Sparks (WNBA) already held a minority stake in the Lakers.
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Buss Family and The Lakers
The Lakers have been owned by the Buss family since 1979. The late Jerry Buss purchased the franchise from Jack Kent Cooke in a $67.5 million deal that included the Los Angeles Kings and the Los Angeles Forum. Under Jerry Buss, the Lakers grew into one of the most popular and valuable sports franchises, winning five NBA championships during their iconic “Showtime” era in the 1980s.
Following Jerry Buss’s death in 2013, his daughter Jeanie Buss assumed the role of principal owner. Over the years, she became one of the most powerful women in sports. The Lakers continued to attract superstar talent, including LeBron James, with whom the team secured the 2020 NBA title. Most recently, the Lakers made a blockbuster trade when the team acquired Dallas Mavericks star Luka Dončić.
Jeanie Buss will continue to remain involved with the team as governor despite the sale.
Lakers Performance Under Buss Family Ownership
Since 1980, the Lakers have won 11 NBA championships, which holds the record for the most of any team in that period. When Jerry Buss passed away, ownership transitioned to his children, with Jeanie Buss taking the reins as the governor of the Lakers.
Walter has been part of the Lakers ownership group since 2021 and held the right of first refusal on the majority stake before the current deal.
Franchise legend Magic Johnson publicly endorsed the move on social media. Johnson, who is part of Walter’s investment group that acquired the Dodgers in 2012, said Lakers fans should be “ecstatic” about the change.
Buss Family: Longest Family Ownership in NBA
The Buss family controlled the Lakers for 46 years, which is the longest current ownership tenure of any NBA franchise. The next on the list is Herb Simon’s ownership of the Indiana Pacers, which began in 1983. Notably, the Pacers are currently competing in the NBA Finals.
This sale follows a trend of similar recent transactions by other NBA owners who are close to Jeanie Buss. Mark Cuban recently sold a majority stake in the Dallas Mavericks for $3.5 billion, while Wyc Grousbeck sold the Boston Celtics for $6.1 billion just three months ago.
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Zubair Amin is a Senior Journalist at NewsX with over seven years of experience in reporting and editorial work. He has written for leading national and international publications, including Foreign Policy Magazine, Al Jazeera, The Economic Times, The Indian Express, The Wire, Article 14, Mongabay, News9, among others. His primary focus is on international affairs, with a strong interest in US politics and policy. He also writes on West Asia, Indian polity, and constitutional issues. Zubair tweets at zubaiyr.amin
