The $10 billion sale of the Los Angeles Lakers to businessman Mark Walter is expected to close in the third or fourth quarter of this year, according to the Associated Press. The transaction marks the most expensive franchise sale in sports history and ends the Buss family’s controlling ownership of the team after 46 years.

In a joint statement released Wednesday, the parties confirmed that Jeanie Buss will remain in her role as team governor and continue to oversee day-to-day operations “for the foreseeable future.” The arrangement maintains a level of organizational continuity while ushering in a new financial era under Walter, who has been a minority owner of the team since 2021.

The Buss family has held a controlling interest in the Lakers since 1979, when the late Dr. Jerry Buss purchased the franchise. Under his leadership and later under Jeanie Buss, the Lakers won 11 NBA championships and became one of the most recognizable brands in global sports.

“From the day our father purchased the Lakers, 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,” Jeanie Buss said in the statement.

Mark Walter’s sports portfolio and shared values position Lakers for a new era of ownership

She praised Walter’s alignment with the franchise’s core values and described him as an “excellent partner” over the past four years.

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Walter is the chairman and CEO of TWG Global, a diversified holding company with investments across multiple professional sports. His portfolio includes ownership stakes in the MLB’s Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, the Professional Women’s Hockey League, the Billie Jean King Cup, and the Cadillac Formula 1 team.

Walter expressed admiration for the Lakers’ legacy, citing the team’s historic standard of excellence and widespread cultural influence.

“The Lakers have long been one of the most iconic franchises in sports,” Walter said. “Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys.”

The $10 billion valuation exceeds previous records for franchise sales, including the Boston Celtics’ $6.1 billion deal earlier this year. The sale also comes at a transitional moment for the Lakers, who were eliminated in the first round of the 2025 NBA Playoffs and face a critical offseason as they build around Luka Doncic and await a decision from 40-year-old LeBron James.

With the transaction expected to finalize later this year, the Lakers are poised to enter a new chapter of ownership while maintaining ties to their historic past through Jeanie Buss’ continued involvement.