By Lehlohonolo Lehana.
The Buss family has agreed to sell a controlling interest in the Los Angeles Lakers to the current owner of the L.A. Dodgers, the franchise has confirmed.
Mark Walter, Chief Executive Officer of Guggenheim Partners, will assume majority ownership over the iconic franchise once the deal is made official.
The sale is reportedly worth an estimated $10 billion (£7.45bn) – though it could increase once finalised.
Walter also has a controlling stake in the Los Angeles Dodgers, the professional US baseball team that won the World Series last year.
“Mark Walter is entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers, which he has been a stakeholder since 2021,” a representative for Walter said in a statement.
As part of the deal, Buss will retain a minority stake in the team she has owned since her family purchased the franchise in 1979 for $67.5 million. She will also retain her governor seat.
Former Lakers legend Earvin “Magic” Johnson, who is also a business partner of Walter’s, praised the transaction in a post on X.
“Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the Lakers legacy and tradition of winning,” Johnson said. “Mark Walter is the best choice and will be the best caretaker of the Laker brand.”
The Lakers finished the 2025 season as the No. 3 seed in the Western Conference with a 50-32 record.
The Lakers have won 11 NBA titles since the Buss family took over, the most of any NBA franchise during that period.