The sports world is shaken up as Jeanie Buss has decided to sell the Buss family's majority stake in the Lakers to the majority owner of the LA Dodgers, Mark Walter. The deal valued the LA-based franchise at a whopping $10 billion, the highest valuation ever given to an NBA team.
Following the report that broke the news about the deal, Magic Johnson, the Lakers legend, went on social media to express his feelings about this sale. Johnson, also co-owns the LA Dodgers alongside Walters, and hence had a detailed reaction to the news. However, the highlight of his responses was when he hilariously did not miss the chance to take a shot at the Lakers' long-term rivals, the Celtics.
"Just like I thought, when the Celtics sold for $6B, I knew the Lakers were worth $10B!", wrote the NBA legend on X.
The Celtics were the last NBA team that sold its majority stake, and it was valued at $6 billion, considered the highest-ever at the time. Now the Lakers have dwarfed that valuation, exceeding it by $4 billion.
His full response was an in-depth explanation of what makes him most excited about this move. His initial reaction was to congratulate Jeanie Buss and Mark Walter for striking the deal, and what makes Walter the best fit to carry on Jerry Buss' legacy.
"Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the @Lakers legacy and tradition of winning - Mark Walter, my business partner and friend! Mark Walter is the best choice and will be the best caretaker of the Laker brand. 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, notching 2 World Series and 11 NL West divisional titles in the last 12 years!"
He then went on to explain why the Lakers' fans should be as excited as he is and tried to rationalize why Jeanie Buss decided to sell the majority ownership stake.
"Laker fans should be ecstatic. 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 - they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world. I am so so SO happy and excited for @Lakers fans all over the world!!"
"I know that my sister Jeanie would have only considered selling the Lakers organization to someone she knows and trusts would carry on the Buss legacy, started by her father, Dr. Buss. Now she can comfortably pass the baton to Mark Walter, with whom she has a real friendship and can trust. She’s witnessed him build a winning team with the Dodgers and knows that Mark will do right by the Lakers team, organization, and fans! Both are extremely intelligent, visionaries, great leaders, and have positively impacted the greater Los Angeles community! I love both my sister @JeanieBuss and my business partner Mark Walter."
Jeanie Buss is expected to remain as the governor of the team in the future. This means that she still owns or represents at least a 15% ownership stake in the team to continue to hold that position. (worth $1.5 billion on current valuation).
Following his conversation with Buss, Johnson went back on social media.
"I just talked to my sister Jeanie Buss to tell her congratulations, and that I’m so happy for her and her family. I told her that her dad, Dr. Buss, would be very proud of her for getting $10B for the Lakers, the largest sports franchise sale in history!"
Mark Walter now co-owns three major sports franchises in Los Angeles. Two of which he co-owns with Magic Johnson: the Dodgers and the Sparks. He also owns multiple other sports teams, like the Cadillac Formula One team, expected to compete in 2026 and even the whole Professional Women's Hockey League.
With this purchase, Walters has successfully built himself a sports empire that dominates most of Los Angeles-based sports, at least.
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