The Buss family is set to transfer ownership of the Los Angeles Lakers in the largest sale of a U.S. professional sports franchise ever.

Mark Walter, CEO and chairman of TWG Global, will acquire a majority stake in the NBA team in a deal valued at around $10 billion, according to ESPN’s Shams Charania.

While the Buss family will no longer hold ownership since 1979, Jeanie Buss will stay as Lakers governor, a role she has held since Jerry Buss’s passing in 2013. They will retain just over 15% of the team for a certain period, per Charania.

Mark Walter’s Ownership Background

Walter, 65, has been the controlling owner of the Los Angeles Dodgers since 2012. That year, Guggenheim Baseball Management bought the MLB franchise for $2.15 billion, a record at the time. As CEO of Guggenheim Partners, Walter led this purchase alongside sports executive Stan Kasten and Lakers legend Magic Johnson, with Todd Boehly also part of the ownership group.

Under Walter’s leadership, the Dodgers have secured two World Series titles (2020 and 2024) and maintained consistent postseason appearances since their 2009-12 drought.

Involvement with the Lakers

Walter became a Lakers stakeholder in 2021, gaining a right of first refusal for a majority share. Later that year, he and Boehly acquired a 27% minority interest. Boehly also joined the Lakers’ board, representing their interests.

Legendary Lakers player Magic Johnson expressed excitement, noting Walter’s commitment to winning and resources. Johnson also highlighted the friendship and mutual respect between Walter and Jeanie Buss, praising their leadership and community impact.

Additional Sports Investments

Beyond the Dodgers and Lakers, Walter is involved in the WNBA, owns a stake in Chelsea F.C., and owns the Cadillac F1 team through TWG Global. He’s also a part-owner of the Professional Women’s Hockey League, launched in 2023-24.