While reporters and insiders have been anticipating major trade movement to happen in the NBA at any waking moment, Wednesday brought a legitimate bombshell on the team ownership front that will go down as a historic moment in the league’s timeline.
The Buss family, who has owned the Los Angeles Lakers since 1979, sold their majority stake in the franchise to current Dodgers and Sparks owner Mark Walter on Wednesday. The $10 billion price tag for the sale makes it the most expensive purchase of a professional sports franchise in history.
Walter is the CEO of global investment firm Guggenheim Partners and conglomerate holding company TWG Global and he owns all or part of several massive sports properties, including the Professional Women’s Hockey Team and the Cadillac F1 team debuting in 2026.
While the Buss family is relinquishing majority control of the franchise, Jeannie Buss will still serve as the public-facing governor and, therefore, will still function as the franchise figurehead. According to ESPN’s Ramona Shelburne, Buss remaining in charge of the organization “for at least a number of years” was a stipulation for the sale that had Walter’s full backing.
Important to note. Jeanie Buss will not only remain the Lakers governor, but will continue to run the team for “at least a number of years,” according to sources with knowledge of the deal. In other words, it was guaranteed as part of the agreement that Jeanie Buss would remain…
— Ramona Shelburne (@ramonashelburne) June 18, 2025
The Lakers have won 11 NBA championships since Jeannie’s father, the late Jerry Buss, purchased the team for $67.5 million over 46 years ago. That’s five more titles than the next closest franchise in that span and eight more titles than the Boston Celtics.
The Buss era began with the drafting of Magic Johnson in 1979 and continued with the rise of “Showtime” through the 80s. Johnson’s sudden retirement in 1991 sent the franchise into limbo, but trading for franchise legend Kobe Bryant on draft night in 1996 and signing Shaquille O’Neal in free agency that same summer ushered the Lakers into their most dominant five-year stretch in franchise history, one that saw the team three-peat from 2000-2002 and make five NBA Finals appearances from 2000-2004.
In addition to the aforementioned properties that Walter is at least a majority owner of, he also co-owns several other racing teams including NASCAR’s Spire Racing and Wayne Taylor Racing of the IMSA Sportscar Series. In addition, Walter holds 12.75 percent of the group that owns the legendary Chelsea Football Club. Walter’s TWG Global also controls several non-sports subsidiaries, including Gainbridge Insurance, Carvana and Acrisure.
