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In a monumental shift for one of the NBA’s most storied franchises, Dodgers owner Mark Walter has officially secured league approval to become the majority owner of the Los Angeles Lakers, ending the Buss family’s remarkable four-decade reign at the helm. The NBA Board of Governors unanimously approved the sale, marking a defining moment in the franchise’s illustrious history and ushering in a new era of leadership in Los Angeles basketball.
NBA approves the transition: A new era begins
The league confirmed on Thursday that the transaction is expected to close soon, finalizing Walter’s acquisition of the Lakers’ majority stake. The Buss family, who have owned the team since 1979, will retain an ongoing interest, ensuring continuity in the Lakers’ operations. As part of the agreement, Jeanie Buss will continue as the team’s Governor for at least five years following the deal’s completion.
NBA commissioner Adam Silver praised both parties for their enduring contributions to the league.
“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,” said Silver. “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 commended the Buss family for their unparalleled influence on the NBA.
“I also 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 am thrilled that Jeanie will remain the team’s Governor and an active and engaged member of our league.”
Mark Walter: Expanding an empire across sports
Known for his far-reaching investments in global sports, Walter is not new to success stories in Los Angeles. As the controlling owner of the Los Angeles Dodgers, Walter played a central role in restoring the baseball team’s championship pedigree since purchasing it in 2012. Beyond baseball, he holds ownership stakes in the WNBA’s Los Angeles Sparks, the Professional Women’s Hockey League, and Chelsea Football Club, along with serving as the CEO of Guggenheim Partners, a leading investment and advisory firm.
Calling the Lakers acquisition an “extraordinary privilege,” Mark Walter emphasized his commitment to preserving and expanding the team’s global legacy.
“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 end of an era: Buss Family’s lasting legacy
The sale officially closes the curtain on an era that began when Dr. Jerry Buss purchased the Lakers in 1979 for $67.5 million, a move that would redefine professional basketball in Los Angeles. Under his ownership, the Lakers won 10 NBA titles in 16 Finals appearances, driven by legends like Magic Johnson, Kobe Bryant, and Shaquille O’Neal.
Following Dr. Buss’s passing in 2013, control of the team transferred to a family trust, with Jeanie Buss serving as the organization’s Governor. Reflecting on the sale, she expressed both gratitude and optimism.
“Over the past decade, I have come to know Mark well—first as a businessman, then as a friend and now as a colleague,” said Buss. “He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and, on behalf of Lakers fans everywhere, I am beyond excited about what our future has in store.”
A historic deal with eyes on the future
According to reports, the deal is valued at approximately $10 billion, making it one of the largest franchise sales in sports history. As the Lakers look ahead to pursuing their 18th NBA title, Walter inherits a team featuring superstar LeBron James, veteran leadership, and young talent eager to restore championship glory.
With the NBA’s official approval, Mark Walter’s acquisition symbolizes not just a change in ownership but a passing of the torch—from one visionary to another—both deeply tied to Los Angeles’ rich sporting legacy.
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