NBA approves $10 billion sale of Lakers to Mark Walter, ending Buss family era

The National Basketball Association (NBA) Board of Governors has unanimously approved the sale of the majority stake in the Los Angeles Lakers to billionaire businessman Mark Walter, marking the largest franchise sale in professional sports history.

The landmark deal, valued at $10 billion, will see Walter acquire controlling ownership from the Buss family, who have helmed the Lakers for nearly five decades. The approval came in the early hours of Friday, October 31 (Philippine Standard Time), and the transaction is expected to be finalized soon.

“Mark Walter has a long association with our leagues, having served as a minority owner of the Lakers and as the principal owner of the WNBA’s Sparks for more than a decade,” NBA commissioner Adam Silver said in a statement.

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“As Mark assumes his role as majority owner of the Lakers, I have no doubt that he will be a committed steward of the team and a great addition to our league given his many successful ventures in business and sports.”

Silver also paid tribute to outgoing owner Jeanie Buss and her family for their lasting legacy:

“I want to thank and congratulate Jeanie Buss and the Buss family for 46 years of transformational leadership and service. While this historic transaction transfers the Buss family’s majority interest in the Lakers, I’m thrilled that Jeanie will remain the team’s Governor and an active and engaged member of our league.”

Under the agreement, the Buss family will retain a minority ownership share, while Jeanie Buss will continue serving as Governor of the franchise for at least the next five years. Buss will oversee the team’s day-to-day operations, ensuring continuity in the Lakers’ leadership structure during the transition period.

The NBA Board of Governors has unanimously approved the sale of the majority interest in the Los Angeles Lakers to Mark Walter. pic.twitter.com/6YKmyvHDx5

— NBA Communications (@NBAPR) October 30, 2025

The sale marks the end of an era for the Buss family, who took ownership in 1979 when Dr. Jerry Buss purchased the Lakers, the NHL’s Los Angeles Kings, and the Forum arena from Jack Kent Cooke for just $67.5 million — a figure that underscores the team’s meteoric rise in value.

Walter, already one of the most influential figures in American sports ownership, adds another jewel to his growing portfolio. He is the controlling owner of Major League Baseball’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks.

Through his TWG Global investment group, Walter also holds interests in several other major sports properties — including tennis’ Billie Jean King Cup, the Cadillac Formula 1 team, and a partial stake in Premier League club Chelsea FC.

Walter purchased the Dodgers for $2.15 billion in 2012, with the franchise now valued between $6.8 billion and $7.73 billion.

“The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness,” Walter said.

“Few teams carry the legacy and global influence of the Lakers, and it’s a privilege to work alongside Jeanie Buss as we maintain that excellence and set the standard for success in this new era, both on and off the court.”

The $10 billion sale sets a new benchmark for sports franchise valuations, surpassing previous records held by the Washington Commanders ($6.05 billion, NFL, 2023) and the Phoenix Suns ($4 billion, NBA, 2022).

With the deal, the Lakers enter a new era — one that blends continuity under Jeanie Buss and fresh investment from Mark Walter as they look to build upon one of the most storied legacies in basketball.

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