The Buss family, synonymous with the Los Angeles Lakers’ legendary success, has agreed to sell a majority stake in the iconic franchise. This monumental deal values the team at a staggering $10 billion, setting a new record for NBA valuations and marking a significant shift in the landscape of professional basketball.
This sale represents a historic moment, not only for the Lakers but for the entire NBA. The franchise, which has been owned by the Buss family since 1979 when they purchased it for a mere $67.5 million, has seen its value skyrocket, reflecting the ever-increasing popularity and financial power of the league. The $10 billion valuation surpasses the previous record held by the Boston Celtics, which sold for $6.1 billion earlier this year.
The buyer is businessman Mark Walter, CEO and co-founder of Guggenheim Partners. Walter is no stranger to the world of sports ownership, already holding majority stakes in the Los Angeles Dodgers (MLB), the Los Angeles Sparks (WNBA), and the soon-to-launch Cadillac Formula 1 team. His acquisition of a significant portion of the Lakers further solidifies his position as a major player in the sports industry. A representative for Walter confirmed the deal to CNBC, stating that he is “entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers, which he has been a stakeholder since 2021.”
Despite the sale, Jeanie Buss, the current Lakers owner and daughter of the late Jerry Buss, will retain a minority stake in the team. She will also continue to serve as the team’s governor, ensuring some continuity and preserving a connection to the franchise’s rich history. The Crypto.com Arena, the Lakers’ home court, remains under separate ownership and is not included in this transaction.
This landmark sale comes on the heels of the NBA’s recently concluded media rights agreement, a massive $77 billion deal spanning 11 years. This lucrative agreement has significantly boosted the value of NBA franchises, making them increasingly attractive investments for high-profile business figures like Mark Walter. The Lakers, with their eleven NBA championships under the Buss family’s ownership, are arguably one of the most prestigious and valuable franchises in the league, making this a highly sought-after acquisition.
The future of the Lakers under Walter’s leadership remains to be seen, but one thing is certain: this $10 billion sale marks a new era for one of basketball’s most storied franchises. The impact of this deal will undoubtedly ripple through the NBA, setting a new benchmark for team valuations and potentially influencing future transactions within the league.
