LOS ANGELES — The Buss family has agreed to sell a majority ownership stake in the Los Angeles Lakers to billionaire investor Mark Walter for a franchise valuation of approximately $10 billion, sources told ESPN on Tuesday.
Once the deal is approved, it will be the biggest team purchase in U.S. sports history, with the Buss family having a minority stake in the franchise at a little over 15%, according to a source.
Walter, the chief executive officer of TWG Global and controlling owner of the Los Angeles Dodgers, has been a minority investor in the Lakers since 2021. Under terms of the deal, Jeanie Buss will remain the team’s governor and controlling stakeholder, sources said.
Walter’s expanding sports portfolio includes ownership interests in MLB’s Dodgers, the WNBA’s Los Angeles Sparks, the Professional Women’s Hockey League, and the Andretti Cadillac Formula 1 team.
The sale, which still requires league approval, would mark the first change in controlling ownership of the Lakers since Jerry Buss purchased the team in 1979. The late Buss’s six children have controlled ownership since his death in 2013, with Jeanie Buss serving as team governor.
Walter first invested in the Lakers in 2021 at a reported $5 billion franchise valuation, acquiring a 20% stake alongside Dodgers co-owner Todd Boehly. Financial details of the current agreement were not disclosed.
The NBA is expected to review and approve the deal in the coming months.