The Los Angeles Lakers are changing hands in the most expensive sports team sale ever. Jeanie Buss and her family have agreed to sell majority control of the team to Mark Walter, CEO of Guggenheim Partners and a sports investor who is also part of the Los Angeles Dodgers' ownership group, at a price tag of $10 billion, sources tell outlets including the Wall Street Journal and the Athletic. That puts the Lakers ahead of all other sports franchises worldwide, outpacing the Boston Celtics' $6.1 billion sale earlier this year.
Walter, who also owns stakes in the Chelsea FC, the WNBA's Los Angeles Sparks, and the Cadillac Formula One team, first bought into the Lakers in 2021. With this deal, he takes the reins from the Buss family, who have controlled the Lakers since Jerry Buss bought the team in 1979 for $67.5 million. Under the Buss family, the Lakers became one of the NBA's most successful franchises, winning 11 championships since 1980 and regularly attracting celebrities to their games. Jeanie Buss will remain governor of the team, sources say.
Walter, known for heavy investment in player talent, took a similar approach with the Dodgers as the Buss family did with the "Showtime Lakers," landing stars like Shohei Ohtani and helping the team to multiple World Series wins and strong revenues. During the Lakers' Showtime era, Magic Johnson and Kareem Abdul-Jabbar played for the team. (Said Johnson of the sale to Walter, "When the Celtics sold for $6B, I knew the Lakers were worth $10B!") The Lakers' recent headline moves include trading for Luka Doncic, pairing him with LeBron James. Walter will now face financial competition from Los Angeles Clippers owner Steve Ballmer, who has invested in a new arena for his team. (This content was created with the help of AI. Read our AI policy.)
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