Buss family agrees to sell majority stake of Los Angeles Lakers in reported record $10B deal

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"Buss Family Sells Majority Stake in Los Angeles Lakers to Mark Walter for $10 Billion"

Buss family agrees to sell majority stake of Los Angeles Lakers in reported record $10B deal analysis cover image CNN 9.0
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Original Article Source: https://edition.cnn.com/2025/06/18/sport/los-angeles-lakers-sale-spt
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TruthLens AI Summary

The Buss family has made a significant decision to sell the majority ownership of the Los Angeles Lakers, a franchise with a rich history in professional sports, to Mark Walter, who is also the owner of the Los Angeles Dodgers. This transaction is valued at approximately $10 billion, marking a record for the sale of a professional sports team, according to reports from the Associated Press. Walter, who has held a minority stake in the Lakers since 2021, is the chairman and controlling owner of the Dodgers and the CEO of TWG Global, a diversified holding company that also has interests in various sports franchises, including the WNBA's Los Angeles Sparks and Chelsea FC in the Premier League. The sale is part of a larger strategy for Walter, who aims to expand his footprint in the sports industry and enhance the Lakers' legacy, which includes a recent championship win in 2020 led by superstar LeBron James.

The Lakers, under the governance of Jeanie Buss, daughter of the late Jerry Buss who originally bought the team in 1979, continue to be a powerhouse in the NBA. Despite a challenging playoff exit last season, they finished with a strong 50-32 record. The team has recently made headlines with a blockbuster trade acquiring NBA superstar Luka Doncic from the Dallas Mavericks, indicating a bold move to strengthen their roster. LeBron James, now in his 22nd season, remains a key player, recently securing a lucrative two-year contract extension. Following the sale, Jeanie Buss is expected to maintain her role within the franchise, ensuring continuity in leadership as the Lakers prepare for the upcoming NBA season, where the focus will be on building a competitive team around their star players and enhancing their championship prospects in the years to come.

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Source URL: https://edition.cnn.com/2025/06/18/sport/los-angeles-lakers-sale-spt

The Buss family has agreed to sell majority ownership of the Los Angeles Lakers, one of the most storied franchises in all of sports, to Los Angeles Dodgers ownerMark Walter, a source familiar with the agreement told CNN.

The valuation of the agreement is approximately $10 billion, representing the most lucrative deal for a professional sports team, according to the Associated Press.

ESPN’s Shams Charania was first to report the agreed sale.

CNN has reached out to the Lakers and Dodgers for comment.

Aside from being the chairman and controlling owner of the Dodgers, Walter is the CEO and founder of the holding company TWG Global.

The diversified business also holds stakes in the WNBA’s Los Angeles Sparks, the Premier League’s Chelsea FC and the newly formed Cadillac Formula One team, which is scheduled to make its debut on the grid in 2026, among other sports franchises.

On Wednesday, TWG said Walter is entering into an agreement to acquire additional interests in the Lakers. He has owned a minority stake in the franchise since 2021.

Basketball Hall of Famer Jerry Bussbought the Lakers in 1979 and oversaw the franchise winning 10 NBA titles. After his death in 2013, his daughter Jeanie Buss took over the role as governor of one of the most successful franchises in sports.

Los Angeles added another Larry O’Brien trophy to the collection in 2020, led by LeBron James, the team’s 17th NBA championship.

Last season, the Lakers finished in third place in the Western Conference with a 50-32 record before being eliminated by the Minnesota Timberwolves in the first round of the NBA playoffs.

James still remained one of the better players in the league in his 22nd season, averaging 24.4 points, 7.8 rebounds and 8.2 assists.

But the team shocked the world by executing one of the moststunning blockbuster trades in NBA history.

Los Angeles acquired NBA superstar Luka Doncic, as well as Maxi Kleber, Markieff Morris from the Dallas Mavericks for Anthony Davis, Max Christie and the Lakers’ 2029 first-round draft pick.

The NBA’s all-time leading scorer reportedly signed a two-year, $104 million maximum contract to return to the Lakers ahead of 2024-2025 season and has a player option to return next season.

Team president of basketball operations and general manager Rob Pelinka had previously said James will be keeping an eye on how the roster improves in the offseason.

Buss reportedly will continue in her role with the franchise after the sale.

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Source: CNN