LOS ANGELES – In a groundbreaking announcement, the Los Angeles Lakers confirmed the sale of the franchise to billionaire Mark Walter, while Jeanie Buss will continue as the governor and oversee daily operations.
Immediate Impact
The announcement, issued on Wednesday, follows Walter’s agreement to purchase a controlling interest in the Lakers at a staggering $10 billion valuation. This move solidifies Buss’s role in leading the team for the foreseeable future.
“Jeanie Buss will remain governor of the franchise and continue to oversee all team operations on a day-to-day basis for the foreseeable future,” the official press release stated.
Key Details Emerge
According to sources familiar with the agreement, Buss is expected to maintain her position for several years. The sale is anticipated to close in the third or fourth quarter of 2025, pending NBA approval.
“The Buss family is deeply honored to have looked after this incredible organization for almost half a century,” Buss expressed in the release.
Industry Response
The sale to Walter, who also owns the Los Angeles Dodgers, was approved by a majority vote from Buss and her siblings. Walter has previously transformed the Dodgers into a leading baseball franchise, enhancing both payroll and infrastructure.
“The Lakers have long been one of the most iconic franchises in sports,” Walter remarked. “I admire what Jeanie and the Buss family have built.”
By the Numbers
- $10 billion – Valuation of the Lakers sale
- 1979 – Year Dr. Jerry Buss purchased the Lakers
- 2025 – Expected year for sale closure
Background Context
This development builds on the legacy started by Dr. Jerry Buss, who purchased the Lakers in 1979. The franchise has since become a global icon, with fans worldwide donning Lakers apparel.
Jeanie Buss emphasized her commitment to maintaining the team’s winning tradition, stating, “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.”
What Comes Next
With the sale’s completion on the horizon, the Lakers’ future under Walter’s ownership looks set to continue its storied success. Walter expressed excitement about collaborating with Buss to uphold the Lakers’ elite status.
“I also have tremendous respect for Jeanie’s continued commitment to maintaining the Lakers’ long-term vision and elite status,” Walter added.
The timing is particularly significant as the Lakers aim to strengthen their position in the NBA landscape, ensuring their legacy continues to thrive under new ownership.
As the NBA’s approval process unfolds, the sports world will watch closely to see how this significant transition impacts the Lakers’ operations and performance in the coming years.
