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The Buss family, owners of the Los Angeles Lakers, is on the verge of finalizing a deal to sell a majority stake in the National Basketball Association team to Guggenheim Partners CEO Mark Walter for approximately $10 billion. This transaction would set a record as the largest-ever sale of a sports team.
This sale would signal the end of a longstanding era at one of the most legendary sports brands globally, which has been under the ownership of the Buss family since 1979. Jeanie Buss, the Lakers’ controlling owner, is set to retain control of the team as its governor even after the deal is completed, as per a source familiar with the situation.
Mark Walter, who heads the $300 billion private asset management and brokerage firm Guggenheim Partners, initially acquired a minority stake in the Lakers in 2021 alongside Todd Boehly, co-founder of Eldridge Industries, in a deal that valued the franchise at around $5 billion. The agreement granted Walter the right of first refusal to assume ownership of the team.
A spokesperson for Walter confirmed in a statement that he is “finalizing an agreement to acquire additional interests in the NBA’s Los Angeles Lakers, of which he has been a stakeholder since 2021.”
Acquiring ownership of the Lakers would further elevate Mark Walter’s standing in the sports industry. He and Todd Boehly jointly own the Los Angeles Dodgers baseball team and have stakes in Premier League football club Chelsea FC.
Sources familiar with the negotiations suggest that an announcement regarding the deal, valuing the Lakers at approximately $10 billion, is expected in the coming days. This valuation significantly surpasses the price tags attached to other major league teams, underscoring the enduring demand for sports franchises as prestigious assets.
Earlier this year, the Boston Celtics were acquired by a consortium led by private equity investor Bill Chisholm in a deal valued at $6.1 billion, marking the previous high-water mark for a sports team acquisition. In 2023, an investment group led by Josh Harris paid $6.05 billion to purchase the Washington Commanders National Football League team.
It has been revealed that Mark Walter intends to use his personal funds, rather than those of TWG Global, a holding company he jointly oversees with media and technology billionaire Thomas Tull, to invest in the Lakers.
The completion of the deal is contingent on approval from the NBA’s board of governors, comprised of the heads of all 30 franchises in the league. To facilitate owners in monetizing a portion of their ownership stake, the NBA in 2021 permitted teams to secure passive investments of up to 20% from private equity firms like Arctos Partners and Sixth Street.
Jerry Buss, Jeanie Buss’s father, initially acquired the Lakers for $67.5 million in 1979. Under the stewardship of the Buss family, the Lakers have amassed 11 championships, boasting the most successful record of any team in the league. The team’s most recent NBA championship victory occurred in 2020, led by superstar LeBron James.
