The Los Angeles Lakers are set to be sold at a record-breaking $10 billion valuation to Mark Walter, the current owner of the Los Angeles Dodgers.
Before the sale is made official, the Buss family, who have owned the team since 1979, made a statement on the changing ownership.
“The Buss family is deeply honored to have looked after this incredible organization for almost half a century,” Jeanie Buss said. “From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning—relentlessly—and to doing so with passion and with style.”
The statement comes a week after news was confirmed that the Buss family is set to sell a majority of their controlling interest in the team.
Buss Family and Walters Make Official Statements
The Buss family will sell the controlling interest of the franchise that their father, Dr. Jerry Buss, bought in 1979 for $67.5 million. In their official statement, they praised Walters for sharing their same values and hopes of building another title-winning team.
“I have gotten to know Mark very well over time and been delighted to learn how he shares those same values,” Buss added. “For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue the Lakers’ extraordinary legacy.”
Walter bought a minority stake in the team in 2021 and will now own a majority share of the Lakers going forward. Even with him now at the head of the ship, Jeanie, who has run the team since her father’s passing in 2013, will “remain governor of the franchise and continue to oversee all team operations on a day-to-day basis for the foreseeable future,” according to The Athletic.
In his statement, Walter praised the family for the success they helped create for the team.
“Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another,” Walter said in his official statement. “Which is why you can find people anywhere in the world wearing Lakers shirts and jerseys.”
“I also have tremendous respect for Jeanie’s continued commitment to maintaining the Lakers’ long-term vision and elite status, and I’m excited to work with her on the next era,” Walter added.
Lakers Set Up For Success
The full sale of the Lakers is set to be finalized in the third or fourth quarter of this year, according to the Associated Press. The deal will also have to be passed by the NBA’s board of governors sometime soon.
Walters won two World Series titles with the Dodgers since he gained the controlling interest of the team in 2012. They have consistently been championship contenders willing to spend large amounts of money in free agency to land top talent.
He expects to do the same with the Lakers, who won 11 championships with the Buss family at the helm.
“I admire what he, Jeanie and the Buss family have built, and I know how much this special organization matters to Southern Californians and sports fans everywhere,” Walter said.
In their first year with both LeBron James and Luka Doncic, Los Angeles lost in the first round of the 2025 NBA Playoffs. The Lakers are reportedly interested in landing a top free agent or making a big trade, likely a big man who can raise their defensive ceiling alongside the two superstars.
The Buss family helped turn the Lakers into one of the most successful and recognizable teams in the NBA. They expect to continue that same success with Walters as the majority owner.
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