The Los Angeles Lakers have officially reached an agreement to sell a majority stake in the iconic basketball team to Mark Walter, the owner of the Los Angeles Dodgers. This monumental deal, confirmed by sources on Wednesday, values the Lakers at approximately $10 billion, marking the highest sale price in the history of American professional sports. This new valuation surpasses the previous record held by the Boston Celtics, which sold for $6.1 billion in March.
The Lakers, who boast a storied history with 17 NBA championships, were originally purchased by Jerry Buss, Jeanie Buss's father, in 1979 for just $67.5 million. Under Jerry Buss's leadership, the franchise evolved into a powerhouse known for its "Showtime" basketball era, clinching 10 championships before his passing in 2013. Legendary athletes like Magic Johnson, Kareem Abdul-Jabbar, Shaquille O’Neal, and Kobe Bryant contributed to the Lakers' status as one of the most recognizable and lucrative brands in professional sports.
Jeanie Buss, aged 63, took control of the Lakers after her father's death and is anticipated to retain her position as the team's governor following this significant sale. During her leadership, the Lakers made headlines by signing four-time MVP LeBron James in 2018 and securing their latest NBA championship in 2020. Magic Johnson, a former Lakers player, expressed his congratulations to Buss on social media, highlighting her father's pride in achieving this remarkable milestone for the team.
Mark Walter, 65, is the CEO of Guggenheim Partners, a global investment firm, and the founder of holding company TWG Global. His involvement with the Lakers began in 2021 when he and Dodgers co-owner Todd Boehly purchased a 27% stake from billionaire Philip Anschutz, owner of the NHL’s Los Angeles Kings. This agreement included a right of first refusal, allowing Walter to acquire a majority stake if the Buss family decided to sell.
In 2012, Walter made headlines when he paid a then-record $2.15 billion to acquire the Dodgers from Frank McCourt. Since then, the Dodgers have made the postseason in 12 consecutive years and celebrated World Series victories in 2020 and 2024. Under Walter's ownership, the Dodgers have emerged as a dominant force in Major League Baseball, currently ranking second in payroll for the ongoing season.
Walter's sports portfolio extends beyond baseball, as he also owns stakes in various franchises, including the English soccer team Chelsea, the Andretti Global racing team, and the WNBA’s Los Angeles Sparks. The sale of the Lakers comes during a transformative year for the franchise, highlighted by a blockbuster trade with the Dallas Mavericks to acquire all-star guard Luka Doncic in February. Additionally, the Lakers ranked first in team merchandise sales for the 2024-25 season and secured the third spot in Forbes’ latest rankings of NBA franchise values, trailing only the Golden State Warriors and New York Knicks.
This strategic move not only solidifies the Lakers' financial future but also positions them for continued success in the competitive landscape of the NBA.
