LA Lakers Sold for Record $13.8 Billion; New Owner Is Dodgers' Mark Walter

Joint Operation Planned for Several Years
Earvin Magic Johnson on Social Media: "Fans Should Be Happy"

The LA Lakers, a leading franchise in the NBA’s Western Conference, has welcomed a new owner.

On June 19 (local time), U.S. media outlets including ESPN reported, citing sources, that the Buss family, the previous owners, recently signed a deal to sell the majority stake in the LA Lakers to Mark Walter for approximately $10 billion (about 13.8 trillion won). This is reportedly the highest sale price ever for a U.S. professional sports team. The previous record was the $6.1 billion sale of the Boston Celtics.

Mark Walter talking with the director. Photo by AP News.

However, the Buss family is expected to retain a minority stake of just over 15% for a certain period after the deal, and will continue to operate the team together for several years. The media reported that Walter, the incoming owner, fully supports this joint management plan.

Walter is also the owner of the MLB team LA Dodgers, which is based in Los Angeles, the same city as the Lakers. He is known as a major figure in the LA sports scene. According to reports, he also holds stakes in the WNBA team LA Sparks, the Billie Jean Cup (an international women’s tennis competition), the Cadillac Formula 1 team, and the Professional Women’s Hockey League (PWHL). Walter became a minority owner of the Lakers in 2021 by purchasing a small stake, and now he will become the largest shareholder.

The Lakers have been owned by the Buss family since 1979, when Jerry Buss purchased the team from Jack Kent Cooke for $67.5 million. The Lakers have since won eleven championships, establishing themselves as one of the league’s most prestigious franchises. After Jerry Buss passed away in 2013, his daughter Jeanie Buss took over as the team owner.

In response to the news of Walter’s acquisition of the Lakers, Lakers legend Earvin “Magic” Johnson posted on his X (formerly Twitter) account, saying, “Lakers fans should be happy.” He added, “Walter is committed to winning, excellence, and doing everything the right way. With his passion for victory, Walter will devote all necessary resources to winning.”

He went on to say that he understands why Jeanie Buss handed over the team to Walter, noting, “The two are very similar.” He said, “Both are highly competitive, generous, and enjoy giving. They prefer to be supporters behind the scenes. I am truly happy and so excited when I think about Lakers fans around the world,” he added.