The Buss family is entering an agreement to sell a majority stake in the Los Angeles Lakers at a $10bn valuation, ESPN reported on Wednesday, marking the end of an era for one of the NBA’s most influential families.
Mark Walter, the CEO and chair of holding company TWG Global, is set to take the majority ownership under the agreement, ESPN’s NBA insider Shams Charania said in a post on X. Walter was already a minority owner in the Lakers and is also primary owner and chair of the Los Angeles Dodgers of Major League Baseball, and the Los Angeles Sparks of the WNBA.
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The Lakers did not immediately respond to a request for comment.
The late Jerry Buss bought the Lakers in 1979 and turned it into one of the most popular and valuable franchises in all of professional sports, winning five championships during their now-iconic “Showtime” era in the 1980s.
His daughter, Jeanie Buss, took over as principal owner after Jerry Buss died in 2013, making her one of the most powerful women in sports. The modern-day Lakers have continued to attract big stars with mixed success, including recently with LeBron James, with whom the team won the 2020 NBA title. This year, the team swung a blockbuster trade for Dallas Mavericks star Luka Dončić.
Jeanie Buss will stay on as governor after the sale, Charania reported.
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