For nearly 50 years, the Lakers have been run by the illustrious Buss family, but that's about to change, according to the latest bombshell news out of Los Angeles. In a shocking sale, Jeanie Buss agrees to relinquish her position as majority owner of the club to billionaire CEO Mark Walter.
"The Buss family is entering an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, the CEO and chairman of diversified holding company TWG Global, sources tell ESPN," wrote ESPN's Shams Charania on X. "Jeanie Buss will continue to serve in her role as Governor after the sale.
The deal, which will reportedly reach heights of at least $10 billion, is set to become the largest sale of a professional sports franchise in the world and will set a new precedent for NBA valuation in the future. But for the NBA's most luxurious and recognizable franchise, it's worth every penny.
Walter, who also owns part of the Dodgers, had this arrangement for years and was the first in line if the Buss family ever decided to sell their 66% stake in the Lakers.
"Walter earned the first right of refusal if the Buss family ever decided to sell their 66 percent stake when he purchased Phil Anschutz’s 26 percent stake in 2021," wrote Ramona Shelburne. "In other words, this has been positioned to go this way. There are a lot of ties between the Lakers and Dodgers already."
The Lakers had a long and rich history in the Buss regime, winning 11 total championships from 1979 to 2025. Starting with Jerry Buss, he oversaw the Lakers' most prosperous era and helped lead them through a golden age of prosperity. He commanded respect across the league and was known for his ability to connect to superstars like Magic Johnson and Kobe Bryant.
Jeanie Buss took control in 2017 and became the first female controlling owner to lead an NBA team to a championship when the Lakers won the title in 2020. While Jeanie's tenure has been much less accomplished, she was still able to maintain the team's championship identity and played a crucial role in the trade that helped them land Luka Doncic.
While Jeanie plans to remain on as Governor of the team, her family will no longer have majority ownership for the first time since the 1970s. The reactions around the league have been mixed, with some fans praising Buss' departure while others are certain it will result in their doom.
As for incoming owner Mark Walter, fans are hopeful that he'll be able to financially support the Lakers as a premium destination for players. With nearly endless funds and an ownership stake in the Dodgers, he already has ties to Los Angeles and the means to meet the high demands of their sports fans.
With Luka Doncic and LeBron James set to return next season, the Lakers' goals have not changed, even if ownership has. They are out to win the championship at any cost, and Lakers fans are excited about what this change could mean for the future.
As a much wealthier individual than Jeanie, Walter will spare no expense to build the best and brightest rosters. Best of all, he will let Jeanie stay on as governor to keep running the team so that her legacy and influence can continue to be felt.
By all accounts, this marks the start of a brand new era for the Lakers, and if it's anything like the previous one, it will come with massive success for the Purple and Gold. At $10 billion, the new Lakers owner plans to make the most of his investment, and it will be interesting to see which direction he leads the team with so much pressure to succeed.
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