The basketball world was recently taken by surprise with the announcement that the Buss family has agreed to sell a majority stake in the legendary Los Angeles Lakers franchise to Mark Walter, CEO of TWG Global and owner of the Los Angeles Dodgers. While financial terms of the deal were not formally disclosed by the parties, reports indicate the agreement values the 17-time NBA champions at an astonishing $10 billion, marking the largest-ever sale of a professional sports team.

The sheer magnitude of the sale price, coupled with the unexpected nature and rapid progression of the deal, left many, including sources within the Lakers organization and around the NBA, in disbelief. Mark Walter, who has held a minority ownership stake in the Lakers since 2021 and also has ownership interests in other professional sports teams like MLB's Los Angeles Dodgers and the WNBA's Los Angeles Sparks, had a first right of refusal if the Buss family decided to sell. This prior relationship likely facilitated swift discussions, leading to a much quicker materialization than typically seen in transactions of this scale.

Despite the sale of a majority stake, Jeanie Buss, who took over as principal owner after her father Jerry Buss passed away in 2013 and has become one of the most powerful women in sports, will notably remain the governor of the storied NBA franchise. She will continue to oversee all team operations on a day-to-day basis for the foreseeable future, ensuring continuity in leadership. Both Buss and Walter expressed shared values and a commitment to winning. Buss stated the family's determination to deliver a relentlessly winning team with passion and style, while Walter expressed admiration for what the Buss family has built and excitement to work with Jeanie on the next era of the Lakers.

The acquisition by Walter is widely expected to put the Lakers in a significantly stronger financial position. The team, previously managed much like a family business, is anticipated to now operate with the financial backing of a major enterprise, allowing for substantial investments across various departments. This shift is projected to ultimately enhance the Lakers' overall standing and competitiveness. Furthermore, with Walter at the helm of both the Lakers and the Dodgers, there is a strong belief that enhanced synergy between the two iconic Los Angeles franchises will develop, expanding upon existing collaborations like themed nights at their respective arenas.

The late Dr. Jerry Buss purchased the Lakers in 1979, transforming the team into one of the world's most popular sports franchises and ushering in the iconic 'Showtime' era in the 1980s, which saw them win five championships. Throughout their illustrious history, the Lakers have been home to a constellation of world-famous talents, including Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, Shaquille O'Neal, and LeBron James. The sale is subject to customary closing conditions, including obtaining NBA approval, and is expected to be finalized in the third or fourth quarter of 2025.