The Los Angeles Lakers organization has made a massive move, as the Buss Family is selling majority ownership of the team to Mark Walter, the CEO and chairman of diversified holding company TWG Global. Walter famously owns the Los Angeles Dodgers.
More news: Report: Lakers Have Talked Center Trade With Western Conference Opponent
More news:Lakers Reportedly Set to Target Center Position Aggressively This Offseason
Jeanie Buss will remain with the team as governor past the sale, but Walter will assume majority ownership of the Lakers moving forward.
Walter previously had a minor ownership stake in the Lakers franchise, but will now be the majority owner of the team. This is just one of the many interests Walter has in the sports world, as he also has stakes in WNBA's Los Angeles Sparks, the Billie Jean Cup, Cadillac Formula 1 team, and the Professional Women's Hockey League.
According to ESPN's Ramona Shelburne, Walter had the first right of refusal if the Buss Family was ever prepared to sell their 66 percent stake in the team. He acquired this as part of his deal when he acquired a 26 percent stake from Phil Anschutz in 2021.
It will be interesting to see what sweeping changes will be made with this historic sale. One big change that could be made is the Lakers' moving on from general manager Rob Pelinka.
Pelinka just received a multi-year contract extension in April and was named president of basketball operations on top of already serving as the general manager for the Lakers. It would be believed that Walter might not make sweeping changes immediately, but it would also not be shocking if Pelinka was pushed out.
The Lakers franchise has a lot to look forward to, including the acquisition of superstar Luka Doncic. With fellow superstar LeBron James in the twilight years of his career, the Lakers are going to need to swing big on some stars to surround Docis with.
Though it would be unlikely, Milwaukee Bucks star Giannis Antetokounmpo has been named as a massive trade chip this summer. Walter could steer the Lakers franchise to swing big and land Antetokounmpo.
There are also plenty of other players that could be targeted, like Kevin Durant, Chris Paul, and so many more. With new ownership in place, the Lakers organization could be very different once the 2025/26 season rolls around.
This is a massive deal, and the Lakers now join the Boston Celtics as two franchises that will have new owners.
For more on the Lakers and NBA, head to Newsweek Sports.
Related Articles
Report: Lakers Have Talked Center Trade With Western Conference Opponent
Lakers Reportedly Set to Target Center Position Aggressively This Offseason
LeBron James Reveals Plan for 2028 LA Olympics
Lakers Star LeBron James Slams Ring Culture in Sports
2025 NEWSWEEK DIGITAL LLC.