Lakers' $10B Sale to Mark Walter from Buss Family Expected to Close Before 2026
It sounds like the Buss family's sale of the Los Angeles Lakers won't take too long to be completed.
According to the Associated Press, Los Angeles Dodgers owner Mark Walter's acquisition of the majority ownership stake from the Buss family "is expected to close in the third or fourth quarter of this year."
A statement released Wednesday confirmed that Jeanie Buss will remain governor of the Lakers and "continue to oversee all team operations on a day-to-day basis for the foreseeable future."
Jerry Buss, Jeanie's father, originally purchased the franchise in 1979, and the family has remained in control of the team for the last 46 years. Walter purchased a minority stake in 2021 before last week's agreement to acquire the majority stake for a franchise valuation of approximately $10 billion.
"I have gotten to know Mark very well over time and been delighted to learn how he shares those same values," Jeanie Buss said in a statement. "For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue the Lakers' extraordinary legacy."
Walter is the chairman and CEO of the diversified holding company TWG Global, and he also owns ownership stakes in the WNBA's Los Angeles Sparks, the Billie Jean King Cup, the Cadillac Formula 1 team and the Professional Women's Hockey League in addition to the Dodgers and Lakers. He said in a statement that the Lakers "have long been one of the most iconic franchises in sports."
"Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys," Walter said.
The Dodgers have achieved massive success under Walter, landing big-name free agents like Shohei Ohtani and winning the 2024 World Series. The Lakers are certainly hopeful that they will experience a similar rise to the top of the mountain as they enter a new era with Walter leading the way.
