Jeanie Buss will be in charge of the Los Angeles Lakers for “the foreseeable future” despite the family selling the franchise to businessman Mark Walter for $10 billion. The agreement, which led to one of the biggest purchases in sports history, was reported by ESPN’s Shams Charania on June 18.
On Wednesday, the Lakers released a statement announcing the sale and confirming Buss will remain as the governor of the Lakers. The Athletic reported that Buss would stay in her seat for “years”.
Walter is the CEO and chairman of TWG Global. He is also the primary owner and chairman of the Los Angeles Dodgers. In the statement, Buss said, “I have gotten to know Mark very well over time and been delighted to learn how he shares those same values.
“For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue the Lakers’ extraordinary legacy.”
Jeanie’s father, Jerry Buss, bought the Lakers for $67.5 million in 1979. The Lakers won 11 of their 17 NBA titles under the Buss family’s ownership. Jeanie took over as Lakers governor after her father’s passing in 2013.
The Buss family will retain a minority stake in the Lakers while Walter adds another major team to his impressive portfolio. Walter has stakes in the Dodgers, Los Angeles Sparks (WNBA), Andretti Global (racing) and soccer clubs Chelsea FC and RC Strasbourg.
“The Lakers have long been one of the most iconic franchises in sports,” Walter said. “Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys.
“I admire what he, Jeanie and the Buss family have built, and I know how much this special organization matters to Southern Californians and to sports fans everywhere. I also have tremendous respect for Jeanie’s continued commitment to maintaining the Lakers’ long-term vision and elite status, and I’m excited to work with her on the next era.”
Selling the majority of the team to Walter was voted upon by Jeanie and her siblings. According to the Associated Press, the transaction is set to close in the third or fourth quarter of 2025.
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