The Los Angeles Lakers are being sold in a record-breaking $10 billion deal that makes the iconic franchise the highest-valued sports team in US history.
The report said the Lakers owners, the Buss family, would sell their controlling interest in the team to billionaire Mark Walter, who already owns a minority stake in the franchise.
Who is Mark Walter?
Mark Walter is a high-profile figure renowned for his leadership in finance, his expansive global sports investment portfolio, and his philanthropic endeavours.
His agreement to acquire the Los Angeles Lakers cements his position as one of the most influential sports owners in the world.
Business leadership
- CEO of Guggenheim Partners, the investment firm he helped co-found in the late 1990s, which manages over $325 billion in assets
- Also heads TWG Global, a private investment holding company with varied interests in finance, insurance, AI, sports, and entertainment
Major sports franchise owner
- Controlling owner & chairman of the Los Angeles Dodgers, acquired in 2012 for $2.15 billion; under his leadership, the team has won World Series crowns in 2020 and 2024
- Agreed to purchase the Los Angeles Lakers (NBA) in June 2025 for a record-setting $10 billion – a landmark deal in U.S. sports
- Co-owner of the Los Angeles Sparks (WNBA) and influential in women’s hockey – founding the Professional Women’s Hockey League, whose championship trophy is named the “Walter Cup” after him and his wife
- Holds a stake in Chelsea FC via the BlueCo consortium (with Todd Boehly and others), and invests in the Cadillac Formula One team scheduled for a 2026 debut
Philanthropic contributions
- A dedicated philanthropist, he and his wife Kimbra support social justice, wildlife conservation (e.g., White Oak Conservation in Florida and preserves in Africa), and education initiatives
- Through the Dodgers Foundation, he pledged over $100 million toward community causes and donated $5.5 million to the Women’s Sports Foundation
Net worth & background
- Born in 1960 in Cedar Rapids, Iowa, he graduated from Creighton University (BA) and Northwestern University (JD)
- His net worth is estimated at $6.1 billion according to Forbes, making him the 585th-richest person in the world as at the time of publishing
Los Angeles Lakers sale
While Jeanie Buss would continue as Lakers governor, the deal ends the Buss family’s 46-year reign over the NBA giants.
Walter is the chief executive of holding company TWG Global which has built an impressive portfolio of professional sports teams, including the Los Angeles Dodgers and Los Angeles Sparks. He is also part of the ownership group of English Premier League side Chelsea.
TWG also owns the Billie Jean King Cup tennis tournament and the Cadillac Formula One team.
While further specifics of the deal were not disclosed, Lakers legend Earvin “Magic” Johnson – a business partner of Walter – was among the first to react to news of the agreement.
“Laker fans should be ecstatic,” Johnson wrote on X.
“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! I can understand why Jeanie sold the team to Mark Walter because they are just alike.”
‘The best choice’
Johnson cited Walter’s ownership of the Dodgers baseball team as a reason for optimism.
The Dodgers have won the World Series twice since Walter’s ownership group took over the club, and in recent years have adopted an aggressive recruitment strategy that has seen them sign some of the sport’s best talent, including Japanese superstar Shohei Ohtani on a 10-year, $700 million deal.
“Mark is the best choice and will be the best caretaker of the Laker brand,” Johnson 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.”
The Buss family selling the Los Angeles Lakers marks the end of an era in the NBA, whose modern popularity owes much to the franchise’s 1980s heyday.
The Lakers were bought in 1979 by charismatic tycoon Jerry Buss, who quickly helped turn the franchise into a sporting powerhouse as well as a globally recognised brand.
The Buss era brought the Lakers 11 NBA championships – more than any other team over the same period – and encompassed golden ages which included the “Showtime” Lakers of Magic Johnson as well as a hat-trick of championships between 2000 and 2002 when the team was spearheaded by Kobe Bryant.
More recently the team recruited superstar LeBron James, who led the Lakers to a 17th championship in 2020, and stunned the league earlier this after swooping for Dallas Mavericks star Luka Doncic.
Walter has been a minority owner of the Lakers since 2021 when he bought a share in a deal which also gave him first refusal to purchase the club should the Buss family ever decide to sell.
The sale of the club smashes the previous highest figure paid for a US sports team, the $6.1 billion paid for the Boston Celtics earlier this year.
That Celtics sale eclipsed the $6.05 billion that Josh Harris paid for the Washington Commanders in 2023.
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