Big changes are afoot in Los Angeles, where the iconic Lakers franchise is set to undergo a significant ownership shift. The Buss family, long-standing custodians of the Lakers legacy, has reached a landmark agreement to sell its majority stake to Mark Walter, as reported by Shams Charania of ESPN. For those keeping score, this handover comes with an eye-popping valuation of around $10 billion—making it the priciest deal ever recorded for a professional sports team.
Now, who is Mark Walter, you might ask? At 65, he stands as the CEO and chairman of TWG Global, a diverse holding company. Walter isn’t new to the sports scene. In fact, he’s well-embedded in the Los Angeles sports ecosystem. He already holds ownership of the Los Angeles Dodgers, a Major League Baseball powerhouse, and the Los Angeles Sparks, the city’s WNBA team. Adding to his remarkable resume, Walter snagged a 27% minority stake in the Lakers back in 2021, alongside business partner Todd Boehly. This made his interest in gaining a bigger slice of the Lakers pie somewhat of an anticipated play.
According to Ramona Shelburne of ESPN, Walter had astutely set the stage for this move with a right of first refusal back when he acquired his minority stake. The Buss family, which presently holds around 66% ownership of the team, will still have a familiar face steering the ship. Jeanie Buss, the current governor, will continue in her role, maintaining some continuity in leadership as this new era dawns.
Taking a step back, let’s reflect on the dynasty that the Buss family has cultivated over the decades. Jerry Buss, the visionary who made the bold move to purchase the Lakers in 1979 for what was then a hefty $67.5 million, laid the foundation for what would become one of the most storied franchises in sports history. After Jerry’s passing in 2013, his children inherited control, guiding the team through victories and rebuilds with vibrant commitment.
As the Lakers head into this new chapter under Walter’s prospective majority ownership, the world watches with bated breath. His impact on the franchise could redefine its future, aligning the legacy of past triumphs with new ambitions. Keep your eyes peeled, because when it comes to the Lakers, there’s always more than what meets the eye.
