The Buss family have agreed to sell a majority stake in the Los Angeles Lakers to TWG Global CEO Mark Walter, the two parties confirmed on Wednesday, while adding that Jeanie Buss will remain governor of the storied NBA franchise.
Financial terms of the deal were not disclosed but when the news was first reported last week it said the agreement valued the 17-times NBA champion Lakers at $10 billion, making it the largest-ever sale of a professional sports team.
Walter, who has ownership interests in several professional sports teams including MLB’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks, has been a minority owner of the Lakers since 2021.
The sale is expected to close in the third or fourth quarter of 2025, subject to customary closing conditions including obtaining NBA approval, the two parties said.
The late Jerry Buss purchased the Lakers in 1979 and turned the team into one of the world’s most popular sports franchises, winning five championships during their now-iconic “Showtime” era in the 1980s.
