Buss Family To Sell Majority Ownership of Los Angeles Lakers for $10 Billion USD Valuation
SummaryThe Buss family is selling its majority stake in the Los Angeles Lakers for $10 billion, a U.S. pro sports recordMark Walter of Guggenheim Partners will acquire the majority ownership, while the Buss family retains a minority shareJeanie Buss will remain as the Lakers' governor, leading the team moving forwardThe Buss family is selling its majority stake in the Los Angeles Lakers for a reported $10 billion USD valuation, marking the most expensive price for a professional US sports organization.ESPN reports that Mark Walter, the CEO of Guggenheim Partners and TWG Global, will acquire the family's majority ownership. The Buss family will supposedly retain a minority share with a little over 15% for a period of time.Walter has stakes in a number of sports franchises, including the Los Angeles Dodgers and Los Angeles Sparks, the Premier League club Chelsea and the Professional Women's Hockey League. He also owns auto racing teams via TWG Motorsports, including Cadillac Formula 1. Prior to the agreement, he already owned a stake in the Lakers by purchasing Phil Anschutz's 26% share in 2021. At the same time, he received a right of first refusal on the majority share.The Buss family will reportedly retain a minority share with a little over 15% for a period of time. Jeanie Buss will also keep her position as the Lakers' governor for "at least a number of years," with both parties agreeing that she will continue to lead the team.The Buss family's ownership of the Lakers dates back to 1979; Jerry Buss acquired the team, the Los Angeles Kings and the Forum from Jack Kent Cooke for $67.5 million USD. The franchise was given to his children following his death in 2013. The family's ownership marks the longest stewardship for any team in the NBA's history.Lakers icon Magic Johnson, who is also a business partner of Walter's, commended the acquisition on X. "Mark Walter is the best choice and will be the best caretaker of the Laker brand," he wrote. "The proof is in the pudding on what he's been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner notching 2 World Series and 11 NL West divisional titles in the last 12 years!""A few things I can tell you about Mark -- he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win!" Johnson added. "I can understand why Jeanie sold the team to Mark Walter because they are just alike -- they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world."Dodgers manager Dave Roberts also called the sale "a very exciting day for the Lakers, for the city of Los Angeles." He continued, "He's very competitive, and he's going to do everything he can to produce a championship-caliber team every single year and make sure the city feels proud about the Lakers and the legacy that they've already built with the Buss family."Click here to view full gallery at Hypebeast
Summary
- The Buss family is selling its majority stake in the Los Angeles Lakers for $10 billion, a U.S. pro sports record
- Mark Walter of Guggenheim Partners will acquire the majority ownership, while the Buss family retains a minority share
- Jeanie Buss will remain as the Lakers' governor, leading the team moving forward
The Buss family is selling its majority stake in the Los Angeles Lakers for a reported $10 billion USD valuation, marking the most expensive price for a professional US sports organization.
ESPN reports that Mark Walter, the CEO of Guggenheim Partners and TWG Global, will acquire the family's majority ownership. The Buss family will supposedly retain a minority share with a little over 15% for a period of time.
Walter has stakes in a number of sports franchises, including the Los Angeles Dodgers and Los Angeles Sparks, the Premier League club Chelsea and the Professional Women's Hockey League. He also owns auto racing teams via TWG Motorsports, including Cadillac Formula 1. Prior to the agreement, he already owned a stake in the Lakers by purchasing Phil Anschutz's 26% share in 2021. At the same time, he received a right of first refusal on the majority share.
The Buss family will reportedly retain a minority share with a little over 15% for a period of time. Jeanie Buss will also keep her position as the Lakers' governor for "at least a number of years," with both parties agreeing that she will continue to lead the team.
The Buss family's ownership of the Lakers dates back to 1979; Jerry Buss acquired the team, the Los Angeles Kings and the Forum from Jack Kent Cooke for $67.5 million USD. The franchise was given to his children following his death in 2013. The family's ownership marks the longest stewardship for any team in the NBA's history.
Lakers icon Magic Johnson, who is also a business partner of Walter's, commended the acquisition on X. "Mark Walter is the best choice and will be the best caretaker of the Laker brand," he wrote. "The proof is in the pudding on what he's been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner notching 2 World Series and 11 NL West divisional titles in the last 12 years!"
"A few things I can tell you about Mark -- he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win!" Johnson added. "I can understand why Jeanie sold the team to Mark Walter because they are just alike -- they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world."
Dodgers manager Dave Roberts also called the sale "a very exciting day for the Lakers, for the city of Los Angeles." He continued, "He's very competitive, and he's going to do everything he can to produce a championship-caliber team every single year and make sure the city feels proud about the Lakers and the legacy that they've already built with the Buss family."
Click here to view full gallery at Hypebeast
