In a move that could reshape the future of basketball in Los Angeles, the Buss family is set to sell majority ownership of the Los Angeles Lakers to billionaire investor Mark Walter, according to reports. While Jeanie Buss will retain her position as governor of the team, the deal marks the end of a legacy that began in 1979—a legacy that has defined L.A.’s sports identity for decades.
This moment isn’t just big for basketball fans—it’s a major milestone in the city’s cultural and economic landscape.
The Buss family put the Lakers on the map
If you’re not a sports fan, here’s why you should care: the Lakers aren’t just another NBA team—they’re L.A. royalty. From Magic Johnson to Kobe Bryant to LeBron James, they’ve shaped Hollywood headlines, inspired film scripts, and brought international fame to the city’s sports scene.
Now, with Walter—also the primary owner of the L.A. Dodgers and a stakeholder in several high-profile sports teams—taking the reins, this isn’t just a business transaction. It’s a shift in how Los Angeles’ sports power is managed, branded, and expanded globally.
The Lakers were purchased by Jerry Buss from Jack Kent Cooke in 1979 for $67.5 million. The franchise passed to his children after his death in 2013. Now, the iconic 17-time champion is agreeing to sell its majority interest.
Who is Mark Walter, and why is this deal important?
Mark Walter is the CEO of TWG Global, a holding company with investments in everything. Their investments range from Formula One to women’s hockey. Walter owns 27% of the Los Angeles Dodgers. He’s no stranger to big-money sports deals.
And he’s a forward-thinking owner with eyes on the future of streaming, youth engagement, and global expansion. Walter already became a minority investor in the Lakers in 2021, giving him first rights to this deal. Now, with majority control, he holds stakes in both the city’s top baseball and basketball franchises.
For Angelenos, the question becomes: what’s next? A new era of cross-sport branding? An entertainment empire that fuses courtside drama with cinematic reach?
Whatever comes next, one thing’s for sure—Lakers basketball will never be the same again.