Buss family to sell the Los Angeles Lakers majority ownership stake to Mark Walters

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The NBA’s most glamorous franchise is having a big change in its ownership group. ESPN’s Shams Charania reported breaking news that Jeanie Buss and the Buss family have sold majority ownership of the Los Angeles Lakers for $10 billion to Los Angeles Dodgers owner Mark Walters, the most ever for a US professional sports franchise.

The Buss family will retain a minority stake in the team, at 15%, for an unspecified period, as Buss will continue to serve as the team's governor. Let’s get into who Mark Walters is and the Buss family's historic run.

Who is Mark Walters?

(Photo by Kevin Winter/Getty Images)

Walters is the CEO of investment firm Guggenheim Partners and TWG Global. TWG Global is a multinational conglomerate holding company co-founded by Walters that represents multiple professional teams, including the Los Angeles Dodgers, Los Angeles Sparks, Billie Jean Cup, Cadillac Formula 1 team, and the Professional Women’s Hockey League.

He has an estimated net worth of $6.1 billion, according to Forbes. Walter bought the Dodgers back in 2012, as he holds a 27% stake in them as the primary stakeholder. His investment firm, Guggenheim, has over $300 billion in assets and has personal investments in plant-based food maker Beyond Meat and online car vendor Carvana.

He has shared a 27% minority stake with the Lakers since 2021, along with Todd Boehly, which they purchased from Los Angeles Kings majority owner Philip Anschutz. When Walters and Boehly purchased the minority stake, they had a right of first refusal if the Buss family ever decided to sell their 66% majority stake.

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A Historic run for the Buss Family

Perhaps no family has ever had as successful a run in professional sports history as the Buss family. In 1979, the legendary Jerry Buss bought the Lakers from Jack Kent Cooke for $67.5 million, which also included the Los Angeles Kings and the old iconic Los Angeles Forum. Buss owned the team until his passing in 2013, when his daughter Jeanie took over as principal owner and governor.

In 46 years, the Lakers family saw astronomical success under the Buss family, winning 11 championships since 1980. The most of any NBA franchise in that span. Their record since March of 1980 is 2,881-1,445, per StatMuse. 

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Laker legend Magic Johnson endorsed the hiring of Walters as the new owner, with whom he shares a stake in the Dodgers. 

"Mark Walter is the best choice and will be the best caretaker of the Laker brand," Johnson posted on X. "The proof is in the pudding on what he's been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner notching 2 World Series and 11 NL West divisional titles in the last 12 years!"

"A few things I can tell you about Mark -- he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win!" Johnson said. "I can understand why Jeanie sold the team to Mark Walter because they are just alike -- they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world."

The Buss era saw the iconic careers of Magic, Kareem Abdul-Jabbar, Kobe Bryant, Shaquille O’Neal, LeBron James, and now Luka Doncic.

This sale marks three marquee franchises from major markets—the Celtics, Mavericks, and Lakers—that have now changed hands in the previous two seasons: Mark Cuban sold the Mavericks in 2023 for $3.5 billion. Wyc Grousbeck sold the Celtics for $6.1 billion in March as the defending champions, as the new second apron era has made it more difficult to maintain a long-term contender due to increased constraints and penalties for exceeding the tax.

Will such sales continue to be a trend in big markets? We’ll have to see how things play out in the next few seasons. However, there is one certainty.

A new era has begun.