Since 1979, the Los Angeles Lakers have been owned by the Buss Family. Under the Buss Family, Los Angeles has been transformed into one of the most successful organizations in sports.
But on Wednesday, everything changed for the Lakers. The Buss Family agreed to sell the Lakers to Mark Walter for a record-breaking $10 billion valuation.
Read more:Buss Family Agrees to Sell Majority Ownership of Lakers to Dodgers Owner
The $10 billion valuation is the largest in sports history and has truly shocked the NBA world. Nobody saw this move coming, but it seems that the Buss Family felt it was something they had to do.
Walter, one of the owners of the Los Angeles Dodgers, will now take over as the majority owner of the Lakers. Lakers governor Jeanie Buss will remain in her current position, helping to oversee everything.
After the news of the sale came out, Walter released a statement on the matter. Walter doubled down on keeping the historic status of the Lakers ongoing.
"The Los Angeles Lakers are one of the most successful and admired franchises in sports history," Walter said in a news release at the time. "I have watched the organization grow under Jeanie's leadership and couldn't be more excited to partner with her and the entire management team. I am committed to supporting the franchise's iconic status by continuing to bring together culture, community and entertainment to Lakers' fans."
Many fans have been happy with this news, as the desire for the Buss Family to sell the team has grown over the years. Oftentimes, the Lakers would penny-pinch in areas that weren't on the court, and it impacted things all over the organization.
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With Walter coming in, the Lakers will have an owner with very deep pockets. Walter is expected to add revenue to the scouting department, coaching staff, front office staff, and more.
Los Angeles won 11 NBA titles under the Buss Family, with the most recent coming during the 2020 season. The Buss Family will forever be part of the legendary organization, but this shocking move now sets off a completely new era of Lakers basketball.
More NBA news:
Luka Doncic Hints at Lakers Future With Team Sale Comments
Kevin Durant's Frustration With Suns Reportedly Grows Amid Knicks Rumors
Report: Lakers Have Talked Center Trade With Western Conference Opponent
Surprising East Team Has Reportedly Entered Kevin Durant Trade Sweepstakes
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This story was originally published June 19, 2025 at 10:32 AM.