After taking over in 1979, the Buss family will no longer hold majority ownership of the Lakers franchise.
On Wednesday, June 18, the family entered an agreement to sell the majority ownership of the Los Angeles franchise to Mark Walter, according to ESPN's Shams Charania. Per the terms of the deal, Jeanie Buss will retain her role as the franchise's governor.
Charania's report adds that Walter's agreement to purchase majority ownership of the Lakers is for a valuation of approximately $10 billion, making it the largest sale of a professional sports franchise in the world.
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Here is more to know about Walter and one of the largest ownership changes in NBA history.
MORE LAKERS SALE:
- Why Jeanie Buss family sold Lakers to Mark Walter
- Full Buss family timeline of Lakers ownership
- How Lakers' sale price compares to other sports franchises
Who is buying the Lakers?
Mark Walter is buying the majority ownership of the Lakers.
Walter has long been a shareholder in the franchise, with an ownership stake of approximately 20 percent ahead of the 2024-25 NBA season. A sale of the franchise had to be approved by majority vote of the six Buss siblings. While a similar vote failed to remove Jeanie as chairman in 2017, this vote passed, with Jeanie voting in favor of the sale.
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
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Who is Mark Walter?
Walter is CEO and chairman of the diversified holding company, TWG Global. He has been a minority stakeholder in the Lakers since 2021, and his business portfolio includes several professional organizations, namely the Los Angeles Dodgers.
He was born on Jan. 1, 1960, in Cedar Rapids, Iowa, and, in addition to his role as primary owner and chairman of the Dodgers, is the primary owner of auto racing organization Andretti Global and the WNBA's Los Angeles Sparks.
Walter received his Bachelor's degree from Creighton University and his Juris Doctor from Northwestern University.
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Mark Walter's net worth
As of June 18, 2025, Walter is worth $6.1 billion, according to Forbes.
His net worth ranks among the top 600 wealthiest people in the world today.