Why is Jeanie Buss selling the Lakers? What we know about record-breaking sale and new owner Mark Walter

The Lakers will have a new person writing their checks in 2025-26.

The organization welcomed a new principal owner into its mix on Wednesday, as venture capitalist Mark Walter agreed to a $10 billion deal to take control of the Jeanie Buss' majority stake in the franchise. She'll retain her responsibilities as the organization's governor.

Walter is a wealthy man. The 65-year-old businessman is worth $6.1 billion. His offer is more than generous — it's sport's largest-ever sale.

Yet, it remains somewhat confounding that Los Angeles and its longtime owner, Jeanie Buss, would let go of the franchise. After all, the Buss family has kept the team in a war chest for the better part of 60 years.

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So, why did Jeanie Buss sell the Lakers? Here's what you need to know.

MORE LAKERS SALE:

• Meet Mark Walter, Dodgers owner and new Lakers owner
• Full Buss family timeline of Lakers ownership
• How Lakers' sale price compares to other sports franchises

Why did Jeanie Buss sell the Lakers?

The Buss family reigned supreme over Tinseltown for 56 years. During that spell, the Lakers hoisted gold on 11 occasions, most recently in 2020.

But all good things must come to an end. Los Angeles hasn't fielded a championship contender since its last Finals triumph. Jeanie Buss has shown an unwillingness to dig into the depths of her coffers to round out her roster, expressing frustration after further investment in the team resulted in a premature playoff exit back in 2022.

The 2025 postseason reaffirmed the Lakers' need to reinvest. Luka Doncic and LeBron James are a tantalizing duo, but much of the rest of the roster was lacking, particularly in terms of front-court options.

Perhaps Jeanie Buss didn't fancy the prospect of footing the bill for such a task. The franchise's relationship with Walter certainly created a pathway for negotiations to take place, too.

Walter joined Los Angeles' ownership group in 2021. According to ESPN's Shams Charania, his involvement with the organization came with a wrinkle: Walter was given first right of refusal on the majority share of the team.

Jeanie Buss knew she had a willing dance partner in Walter, who has shelled out copious amounts of money to bolster the Dodgers as of late. He seems to have offered an eye-watering sum of money to inherit the organization — the Lakers' $10 billion price tag is $6.5 billion more than Mark Cuban recouped when selling his majority stake in the Mavericks and $3.9 billion more than Wyc Grousbeck received when he parted ways with his stake in the Celtics.

So, Walter had already established ties with the Buss family — and its beloved basketball franchise — and was willing to invest a record-breaking amount of money to firm up his interest? What else could he offer Jeanie Buss to land the NBA's crown jewel?

Apparently, power. Jeanie Buss will still operate as the organization's governor, Charania reported. ESPN’s Ramona Shelburne also reported that Buss will remain in charge for “at least a number of years.” Shelbourne also added that the way the family trust was set up, the six Buss siblings had to have a majority vote for a sale to go through. There was a sibling vote in 2017 to remove Buss as chairman, but it didn't pass. A majority of the six siblings approved this sale, and Jeanie Buss was one of them. 

Dr Jerry Buss structured the trust that owns the Lakers so that only his six children could decide on a sale. And it had to be a majority vote to sell. In 2017 the older brothers tried to force Jeanie Buss out as chairman of the board but lost that vote. Wednesday a majority of…

— Ramona Shelburne (@ramonashelburne) June 19, 2025

It's not entirely clear why Jeanie Buss felt compelled to give up on her ownership stake, but the offer Walter put forth was certainly an enticing one. His reputation with the Dodgers should inspire hope in Lakers faithful. After all, he's more than willing to open up his checkbook in the hopes of landing star talent.

She’s also retaining a 15 percent minority stake in the franchise, per Charania, so she shouldn’t be too far from the action.

Jeanie Buss net worth

According to Celebrity Net Worth, Buss is valued at $700 million. That's an impressive sum of money, but that pales in comparison to most of the league's governors, whose net worth soars into the billions.

Buss sits well outside the top 10 in riches among NBA governors. Here's a look at the nine wealthiest owners in the league, according to Forbes.

How did the Buss family make their money?

The Buss family's wealth came from the real estate market. Jerry Buss was a prolific investor in the real estate industry, making millions leasing and selling properties across Arizona, California, and Nevada.

Jerry Buss co-founded real estate company Mariani-Buss Associates alongside longtime business partner Frank Mariani. In 1959, Buss placed a $6,000 down payment and $100,000 loan on a 14-unit rental apartment in West Los Angeles. By 1975, his investment became a $350 million entity. He used those funds to invest in various passion projects, including sports. 

How much did the Buss family pay for the Lakers?

Jerry Buss wrote former Lakers owner Jack Kent Cooke a check for $67.5 million to land the Lakers franchise. As part of the transaction, he was also awarded the NHL's Kings.

Those franchises' evaluations have since bloomed to $10 billion and $2.9 billion, respectively. It seems the Buss family got a solid return on investment.

How much are the Lakers worth?

With a $10 billion price tag, Los Angeles is not only the most valuable franchise in the NBA. According to Statista's 2024 metrics, it also ranks as one of the most valuable franchises in sports.

Prior to Walter's purchase of the organization, the Lakers were valued at around $7 billion. That number should swell given Walter's investment, although it remains unclear if that will be enough to push the franchise beyond the top-ranked Cowboys, who are valued at $10.1 billion.

Interestingly, the Lakers ranked third in CNBC's official valuations of NBA teams conducted earlier in the year. That likely won't be the case when the latest numbers are crunched. Below is a look at how Los Angeles' sale compares to evaluations of other NBA sides.