Los Angeles Lakers to be sold for record $10 billion to Mark Walter’s TWG Global

The Los Angeles Lakers are set to change hands in what is poised to become the most expensive sale of a sports franchise in US history. The Buss family, which has owned the iconic purple-and-gold NBA team since 1979, has reportedly reached an agreement to sell its controlling stake to Mark Walter, CEO of TWG Global, for approximately $10 billion — far exceeding the $6.1 billion paid by Bill Chisholm for the Boston Celtics last March.

Walter, who already holds a majority stake in Major League Baseball’s Los Angeles Dodgers — last year’s World Series champions — has owned 20% of the Lakers since 2021 and also holds investments in other major sports properties, including Chelsea FC and Cadillac’s upcoming Formula 1 team debuting next season.

NBA legend Magic Johnson welcomed the deal: “I just spoke with my sister Jeanie Buss to congratulate her and tell her how happy I am for her and the family,” Johnson wrote on X. “I’ve seen Mark Walter build a winning team with the Dodgers and I know he’ll do right by the Lakers, the organization, and the fans. They are both extremely smart, visionary leaders who have had a positive impact on the Los Angeles community.”

Jerry Buss originally purchased the Lakers in 1979 for $67.5 million. After his passing in 2013, his shares were transferred to his children through a family trust, with the Buss family currently owning about 66% of the franchise. Under their ownership, the Lakers reached the NBA Finals 17 times and won 11 championships. Jeanie Buss, Jerry’s daughter, is expected to stay on as the team’s governor, continuing her father’s legacy at the helm of the storied franchise.