The Buss family has reached an agreement to sell the majority ownership of the Los Angeles Lakers to Mark Walter for an estimated valuation of $10 billion, a record sum for a U.S. professional sports franchise. Under the terms of the deal, the Buss family will retain a minority stake of just over 15% in the team, ensuring their continued involvement in the organization. Jeanie Buss, who has served as the Lakers' governor since her father's passing in 2013, will remain in her role and manage the team for the foreseeable future.

Mark Walter, the CEO of TWG Global, has a diverse portfolio of interests in professional sports, including ownership stakes in the Los Angeles Dodgers and Chelsea FC. His endorsement of Jeanie Buss's leadership reflects a commitment to maintaining the Lakers' legacy while also aiming for competitive success. Walter has been a stakeholder in the Lakers since 2021, when he purchased a 26% share from Phil Anschutz, which granted him the right of first refusal on the majority share.

The Lakers have been under the Buss family's ownership for 46 years, making it the longest continuous ownership of any current NBA franchise. This sale aligns with recent trends in the NBA, where franchise valuations continue to soar, evidenced by recent sales of other teams. Magic Johnson, a Lakers legend and a business partner of Walter, praised the sale, asserting that Walter's competitive nature and commitment to excellence will benefit the organization and its fans. This significant transition comes as the Lakers look to build on their rich history in pursuit of future championships.