Buss family agrees to sell Lakers, sources say

The Buss family is entering into an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter for a franchise valuation of approximately $10 billion, sources told ESPN on Wednesday, the highest ever for a U.S. professional sports franchise.

The Buss family will keep a minority share of the team, just over 15%, for a period of time, a source said.

In addition, Jeanie Buss will remain the Lakers' governor and continue to run the team for "at least a number of years," sources with knowledge of the deal told ESPN's Ramona Shelburne. It was guaranteed as part of the agreement that Buss would remain in charge for the foreseeable future, and Walter fully endorsed this plan, according to sources.

Walter, the CEO and chairman of diversified holding company TWG Global, has been a stakeholder in the Lakers since 2021, when he purchased Phil Anschutz's share of 26%. That also was when Walter received a right of first refusal on the majority share of the team.

Walter and TWG Global have interests in multiple professional sports organizations, including the Los Angeles Dodgers, Los Angeles Sparks, Premier League club Chelsea and the Professional Women's Hockey League. And through TWG Motorsports, Walter owns several auto racing teams, including Cadillac Formula 1.

The Lakers have been owned by the Buss family since 1979, when Jerry Buss purchased the franchise from Jack Kent Cooke in a $67.5 million transaction that also included the Los Angeles Kings and the Forum. Since 1980, the Lakers have won 11 championships, the most by any NBA team during that span.

When Buss died in 2013, ownership of the Lakers went into a trust controlled by his six children, who all worked for the Lakers in various capacities for several years. An agreement was struck in 2017 calling for Jeanie Buss to serve as controlling owner, ending a battle that included her going to court after her brothers Jim and Johnny Buss called for a board meeting that she interpreted as a challenge to her power -- shortly after she removed Jim Buss as the Lakers' executive vice president of basketball operations.

The intended sale to Walter was approved by the Buss siblings through a majority vote, sources told ESPN.

Sources told Shelburne that Lakers star Luka Doncic, acquired in the blockbuster February trade that sent Anthony Davis to the Dallas Mavericks, was given a short heads-up on the purchase agreement.

Franchise legend Magic Johnson, a business partner of Walter's and someone close to Jeanie Buss, endorsed the move in a series of social media posts, noting Lakers fans should be "ecstatic."

"Mark Walter is the best choice and will be the best caretaker of the Laker brand," Johnson posted on X. "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!"

Dodgers manager Dave Roberts said news of the sale to Walter marks "a very exciting day for the Lakers, for the city of Los Angeles."

"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," Roberts said.

Johnson said he is certain Jeanie Buss made the deal only after being convinced that Walter will do right by the Lakers.

"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 said. "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."

Walter, known for shunning the spotlight, is also the CEO of the financial services firm Guggenheim Partners, which is estimated to have more than $325 billion in assets. Johnson is among Guggenheim's investors.

The Lakers have been in the control of the Buss family for 46 years, the longest ownership of any current NBA franchise. Herb Simon bought the Indiana Pacers -- currently in the NBA Finals -- in 1983, the second-longest current ownership of an NBA club.

The impending Lakers sale was preceded by two of Jeanie Buss' closest confidants in the NBA governors community agreeing to sales for their teams in the past two years: Mark Cuban sold a majority stake in the Mavericks for $3.5 billion in 2023, and Wyc Grousbeck agreed to sell the Boston Celtics to Bill Chisholm for $6.1 billion about three months ago. The Celtics' sale is not yet finalized, pending final approval by the NBA's board of governors. That board is scheduled to meet in Las Vegas next month.

ESPN's Dave McMenamin, ESPN Research and The Associated Press contributed to this report.