Breaking: Buss Family to Sell Majority Stake in Lakers to Mark Walter, Jeanie Buss to Remain in Leadership Role

In a stunning shift of power in the NBA’s most glamorous franchise, the Buss family is finalizing an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, sources tell Shams Charania of The Athletic and Stadium. Walter, the billionaire CEO and chairman of TWG Global—a diversified holding company with investments spanning sports, media, and finance—will assume majority control of one of basketball’s most storied franchises.

The move marks the end of a remarkable 45-year reign by the Buss family, which began when the late Dr. Jerry Buss purchased the Lakers in 1979 and transformed the team into a global brand synonymous with excellence, celebrity, and winning. Under his ownership, the Lakers won 10 NBA championships, became a fixture of prime-time television, and served as the centerpiece of Los Angeles sports.

Despite the sale of majority ownership, Jeanie Buss will remain a pivotal figure within the franchise. Sources indicate she will continue in her role as Governor of the Lakers and retain a significant minority ownership stake. This decision aims to maintain continuity in the team’s culture, leadership, and operations while ushering in a new era of investment and strategic growth under Walter’s stewardship.

Mark Walter is no stranger to high-stakes sports ownership. He currently serves as controlling owner of Major League Baseball’s Los Angeles Dodgers, a team that has enjoyed tremendous success since he took over in 2012. Under Walter’s leadership, the Dodgers have made 12 consecutive postseason appearances, won four National League titles, and captured two World Series championships. His reputation as a forward-thinking executive with a deep commitment to excellence in both team performance and community engagement has made him a highly respected figure in sports ownership circles.

The agreement, still pending final approval by the NBA’s Board of Governors, represents a monumental transaction in the world of professional sports, potentially valuing the Lakers at over $7 billion, according to insiders familiar with the negotiations. While financial details have yet to be publicly disclosed, sources indicate that the deal includes robust guarantees to protect the Lakers’ legacy, secure the long-term presence of the team in Los Angeles, and honor the vision of the Buss family.

For many fans, the news evokes mixed emotions. The Buss family, and particularly Jeanie Buss in recent years, have been beloved figures in Laker Nation. Jeanie, who became the Lakers’ controlling owner in 2013 following her father’s death, has overseen the team’s return to championship glory with the 2020 NBA title in the Orlando bubble. Her stewardship has emphasized both competitive ambition and a strong commitment to upholding the traditions and culture established by her father.

“I will always be a Laker. That will never change,” Jeanie said in a statement shared shortly after the news broke. “This decision was made with the long-term success of the franchise in mind. I have full faith in Mark Walter’s vision and his commitment to winning. I’m excited to continue leading this team and working with our incredible staff, players, and fans.”

Walter echoed the sentiment, expressing both gratitude and reverence for the Buss legacy. “The Los Angeles Lakers are a cultural institution and one of the greatest franchises in all of sports. I am deeply honored to be entrusted with this responsibility,” Walter said. “The Buss family has built something truly special, and Jeanie’s continued leadership will ensure that the spirit and values of the Lakers endure. Together, we will build on that foundation and strive to deliver championships to the city of Los Angeles.”

For NBA commissioner Adam Silver, the transaction represents a carefully coordinated transition that ensures both financial stability and operational continuity. The NBA’s Board of Governors is expected to vote on the sale within the next 30 to 45 days. Given Walter’s standing as a successful team owner with the Dodgers and his reputation for integrity and financial acumen, league approval is widely anticipated.

Within league circles, the sale is being viewed as a landmark moment that reflects the soaring valuations of premier NBA franchises in the post-pandemic media landscape. With media rights negotiations on the horizon, international markets expanding, and superstars continuing to elevate the game’s popularity, top-tier NBA teams have become even more attractive to high-net-worth investors and global business leaders.

This deal also further solidifies Los Angeles as a city dominated by Mark Walter’s influence. In addition to the Dodgers, Walter is a co-owner of the Los Angeles Sparks of the WNBA and an investor in the Chelsea Football Club. His diversified sports portfolio has made him one of the most influential figures in global sports ownership—a rare position now further cemented by his acquisition of the Lakers.

Internally, the Lakers are expected to retain their current front office structure, including Vice President of Basketball Operations Rob Pelinka and Head Coach Darvin Ham. Walter has a reputation for empowering his team executives and refraining from hands-on interference, a management style that has worked wonders with the Dodgers’ baseball operations led by Andrew Friedman.

The potential impact on the team’s roster and future strategic direction remains to be seen. With LeBron James nearing the twilight of his legendary career and speculation surrounding Bronny James’ draft status, the Lakers could be on the cusp of a new chapter. Ownership stability and financial backing from Walter could give the team flexibility in attracting future stars and building for long-term success.

For now, fans can rest assured that the purple and gold remain in committed hands. Though ownership is shifting, the spirit of the Lakers—built by Dr. Buss and carried on by Jeanie—will endure. Walter’s proven track record and shared love for Los Angeles sports suggest the Lakers are poised not only to maintain their legacy but to elevate it even further.

Still, the symbolic weight of this transition cannot be ignored. The Buss name has been synonymous with Lakers basketball for nearly half a century. From the “Showtime” era of Magic Johnson and Kareem Abdul-Jabbar, to the Kobe and Shaq dynasty, to the Kobe farewell tour and the championship run with LeBron and Anthony Davis—every era bore the imprint of Buss family vision and stewardship.

As fans process the reality of this monumental change, many will undoubtedly reflect on what the Buss family has meant to the franchise, the city, and the NBA at large. And while Jeanie remains involved, the majority baton being passed to Walter signals the beginning of a new age in Lakers history.

That new age, however, doesn’t come without optimism. With Walter’s proven ability to build a winning franchise, sustain excellence, and create meaningful fan engagement, there is a prevailing sense of excitement around what this partnership between new capital and established leadership could yield.

For a franchise defined by stars, success, and spectacle, the future may be as bright as ever. Walter’s takeover may well ensure the Lakers continue to shine—not just in Hollywood lights, but in championship banners hanging from the rafters of Crypto.com Arena.