Los Angeles Lakers executive Jeanie Buss has addressed questions about the franchise’s historic sale following the announcement of a majority ownership transfer valued at $10 billion – a figure that breaks all previous records for U.S. professional sports team transactions.
Buss Explains Walter Partnership Decision
Speaking publicly on Wednesday, Buss outlined the reasoning behind the decision to sell controlling interest to businessman Mark Walter. Her statement highlighted Walter’s shared vision for the organization and his commitment to preserving what makes the Lakers special.
\”The Buss family has been privileged to steward this remarkable franchise for nearly five decades,\” Buss explained. \”When our father first bought the Lakers, he established a simple but powerful goal: give Los Angeles a team that competes for championships with winning with passion and style.\”
She went on to describe her four-year working relationship with Walter, noting his deep understanding of the Lakers’ culture and his dedication to long-term success. The deal between the families should wrap up sometime in the third or fourth quarter of 2025, according to current projections.
Walter’s Growing Sports Empire
Walter brings considerable sports ownership experience to his expanded Lakers role. Since acquiring a minority stake in 2021, he’s also maintained ownership of the Los Angeles Dodgers while running TWG Global, his multinational holding company.
His portfolio spans multiple sports properties: the WNBA’s Los Angeles Sparks, the Billie Jean King Cup, the emerging Cadillac Formula 1 Team, and investments in the Professional Women’s Hockey League.
Even with the ownership transition, Buss plans to continue as team governor, maintaining operational oversight and preserving the family connection that began when Jerry Buss died in 2013. Under Buss family leadership, the Lakers have captured 11 NBA championships across 46 years of ownership.
From $67 Million to Billions
The numbers tell quite a story. Jerry Buss paid Jack Kent Cooke $67.5 million for the Lakers back in 1979 – an investment that established the foundation for decades of championship basketball. Lakers icon Magic Johnson, who once held a partial ownership stake himself, publicly congratulated Jeanie Buss on the landmark agreement and voiced his support for Walter, whom he considers both a business partner and personal friend.
This ownership news comes on the heels of the Lakers’ February blockbuster trade that brought All-NBA guard Luka Doncic to Los Angeles in a midseason move that reshaped the roster. Despite securing the No. 3 seed in the Western Conference, the Lakers’ playoff run ended quickly with a first-round exit against Minnesota, losing the series in five games.
LeBron’s Uncertainty Adds Another Layer
The franchise faces additional questions about its future direction following LeBron James’s playoff injury. The 40-year-old superstar suffered a Grade 2 MCL sprain in his left knee during the postseason, which has sparked speculation about his career plans.
James holds a $52.6 million player option for what would be his 23rd NBA season and has indicated he’ll make retirement decisions after family discussions once his 22nd campaign officially ends. The all-time leading scorer in league history remains coy about his intentions.
With Walter’s majority ownership taking effect next year, the Lakers organization enters uncharted territory while Jeanie Buss works to ensure continuity during what promises to be a transformative period for one of basketball’s most storied franchises.
