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One of the NBA’s most iconic and valuable franchises, the Los Angeles Lakers will have new majority ownership.
The bus family, led by Jeanie Buss, has reached a deal to sell the majority ownership of Mark Walter, CEO and founder of Holding Company TWG Global, at a $10 billion valuation and a $10 billion valuation of the person who confirmed with USA Today Sports.
The person spoke on conditions of anonymity as he was not authorized to publish details of the contract.
The sale breaks the record for the most expensive purchase agreements of US professional sports franchises in history.
People also confirmed that 63-year-old Jeannie Bass will remain in his short term as Lakers governor. This is a setup that explains the family’s estate plan. The arrangement is similar to longtime Celtics managing partner WYC Grousbeck, who was arranged in March 2025 with a sale of the franchise to William Chisholm.
The Celtics sold at a valuation of $6.1 billion and set a record for North American sports franchise.
ESPN was the first to report news of the Lakers’ sale deal.
Walter is also chairman and dominant of the Los Angeles Dodgers and is interested in the WNBA’s Los Angeles Sparks, Billy Jancup, Cadillac Formula 1 team and the professional women’s hockey league. Thanks to an investment in July 2021 when he and business partner Todd Bouley earned a 27% minority profit for the Lakers, Walter was also given the first veto of Lakers’ majority share if the franchise was available to sell.
Former Lakers Point Guard and Hall of Fame Magic Johnson, also a member of investment group Walter, who had bought control of the Dodgers, praised the move in a social media post on Wednesday, June 18th.
“Laker fans should be straddling,” Johnson wrote. “There are a few things I can tell you about Mark – he’s driven to win, excellence and do everything the right way. And he puts in the resources he needs to win. You can understand why Johnny sold his team to mark the team. World!!”
Johnson added that Walter is “the best choice and the best caretaker” for the franchise.
The selling price has actually been extended to the team’s estimated rating. According to Forbes, which publishes an annual ratings list of sports franchises, the Lakers were ranked as the eighth most valuable franchise in the world in 2024, worth $7.1 billion.
Jeannie’s father, Jerry Bass, bought the Lakers in 1979, and the family has since controlled ownership of the franchise. The Lakers won 18 NBA Championships. This is second only to the Boston Celtics.
Jerry Bass passed away in February 2013, urging that Jeannie, who oversaw the business side of the franchise, took over as governor.
