For the first time since 1979, the Lakers are no longer majority-owned by the Buss family.
After unanimous approval from the NBA Board of Governors, Mark Walter finalized his purchase of a majority stake in the Los Angeles Lakers at a reported $10 billion valuation.
“The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness,” Walter said in a statement announcing the sale. “Few teams carry the legacy and global influence of the Lakers, and it’s a privilege to work alongside Jeanie Buss as we maintain that excellence and set the standard for success in this new era, both on and off the court.”
Buss will remain Governor of the Lakers and continue to oversee the team’s day-to-day operations for “the foreseeable future.”
“Over the past decade, I have come to know Mark well—first as a businessman, then as a friend and now as a colleague,” Buss said. “He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and, on behalf of Lakers fans everywhere, I am beyond excited about what our future has in store.”
“I also want to thank and congratulate Jeanie Buss and the Buss family for 46 years of transformational leadership and service,” NBA Commissioner Adam Silver said in a statement. “While this historic transaction transfers the Buss family’s majority interest in the Lakers, I am thrilled that Jeanie will remain the team’s Governor and an active and engaged member of our league.”
In Los Angeles, and to most sports fans, Walter is known as the free-spending owner of the Los Angeles Dodgers, who are in the midst of the World Series, defending their 2024 championship. While the NBA’s convoluted salary cap and tax aprons will limit Walter’s ability to spend freely to buy players as he did in Major League Baseball, he can still spend to upgrade basketball operations around the team — such as expanding the scouting staff — and address other needs the franchise has.
Walter, 65, is the CEO of Guggenheim Partners, a global investment firm. He is also co-CEO and chairman of TWG Global, a holding company that is also the investment vehicle for a number of sports teams, including the Dodgers, Chelsea F.C. of the Premier League, and the newly formed Cadillac F1 team (TWG Global also invests in AI and biotechnology, among other areas).
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