The NBA’s most valuable franchise is officially in new hands.
On Thursday, the league’s board of governors unanimously approved the sale of a majority stake in the Los Angeles Lakers. Mark Walter, the CEO of Guggenheim Partners and owner of the MLB’s Los Angeles Dodgers, will assume control of the team.
Walter will inherit majority ownership from the Buss family, who has owned the team since 1979. The family will remain connected to the franchise through minority ownership, and Jeanie Buss will remain the team’s governor to oversee day-to-day operations.
“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 in a statement after the sale was confirmed.
Lakers Enter a New Era of Ownership
“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.”
Dr. Jerry Buss purchased the Lakers in 1979, roughly 30 years after the team was founded, and about 20 years after they moved to Los Angeles from Minneapolis. The team drafted Magic Johnson with the first overall pick in the draft that year, and he became one of the greatest players in league history.
The Lakers won 10 championships during Dr. Buss’ period of ownership, and moved into what is now the Crypto.com Arena – a state-of-the-art facility that served as the setting for many of those championship victories.
Jeanie Buss took over as team president and controlling owner in 2020, seven years after her father’s passing. The Lakers won the NBA title that year, making her the first female controlling owner to accomplish the feat.
Mark Walter’s Sports Ownership Expands
“Over the past decade, I have come to know Mark well — first as a businessman, then as a friend and now as a colleague,” Buss said in a statement surrounding the sale.
“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.”
Walter will add his ownership of the Lakers to an impressive sports portfolio. He has stakes in the Lakers, Dodgers, Los Angeles Sparks and English soccer team Chelsea Football Club. TWG, his diversified holding company, holds stakes in the Professional Women’s Hockey League, the Billie Jean Cup and soon, the Cadillac Formula 1 team.
