In 1979, Jerry Buss paid $67.5 million for the Los Angeles Lakers. This week, his family agreed to sell the franchise for $10 billion.
That’s a return of roughly 14,700% over 46 years. Not bad for a day’s work. The numbers tell the story better than any words ever could.
The deal between the Buss family and billionaire Mark Walter doesn’t just break records. It obliterates them. The $10 billion valuation makes this the most expensive sports franchise sale in American history. It dwarfs the previous record-holder, the Boston Celtics, who agreed to a $6.1 billion sale just three months ago.
Walter isn’t exactly a stranger to the Lakers (16.98) boardroom. The CEO of TWG Global has owned 26% of the team since 2021, when he bought Phil Anschutz’s stake. He also secured first refusal rights on any majority sale back then. Smart move, as it turns out.
The Buss Dynasty Comes to an End
Jerry Buss changed basketball forever when he bought the Lakers, Kings, and the Forum in that 1979 deal with Jack Kent Cooke. The man understood entertainment. He turned basketball into ‘Showtime’ and made the Forum the hottest ticket in Los Angeles.
The numbers back up his vision. Since 1980, the Lakers have won 11 NBA championships. No other team comes close during that span. Five titles came during the Magic Johnson era. Five more during the Kobe Bryant years. The 2020 championship with LeBron James capped off four decades of excellence.
When Jerry Buss died in 2013, his six children inherited the team through a trust. Family drama followed. Brothers Jim and Johnny Buss challenged Jeanie’s authority in 2017. She took them to court and won. The family voting majority has now approved Walter’s purchase.
Jeanie Buss stays on as governor. She’ll run the team for “at least several years,” according to sources. The Buss family keeps a 15% minority stake, so they’re not walking away entirely.
Walter’s Winning Formula
Mark Walter knows how to run a sports empire. His portfolio reads like a who’s who of elite franchises.
He controls the Los Angeles Dodgers, who’ve won two World Series and 11 National League West titles in 12 years under his ownership. He co-owns the WNBA’s Los Angeles Sparks. His TWG Global holds stakes in Premier League giants Chelsea and the new Cadillac Formula 1 team.
The man has a type: winners in major markets.
Walter’s day job involves running Guggenheim Partners, a financial services firm with over $325 billion in assets. Magic Johnson, who played for those championship Lakers teams, is one of Guggenheim’s investors. Johnson has been singing Walter’s praises on social media since news broke.
“Mark Walter is the best choice and will be the best caretaker of the Laker brand,” Johnson posted on X. “The proof is in the pudding on what he’s been able to accomplish with the LA Dodgers.”
The New NBA Economics
This sale reflects how much professional sports have changed since 1979. Back then, $67.5 million was serious money for a basketball team. Today, it wouldn’t buy you a decent bench player’s annual salary.
The NBA’s revenue has exploded. Television deals, global marketing, and digital streaming have turned franchises into money-printing machines. The Lakers, with their Hollywood glamour and championship pedigree, represent the league’s crown jewel.
Walter’s $10 billion bet shows he believes the growth story is far from over. The NBA is expanding internationally. Streaming services are bidding billions for content. Star players like the Lakers’ newly acquired Luka Dončić command global audiences.
What Happens Next
League approval is the next hurdle. NBA governors will meet in Las Vegas next month to review the deal. Given Walter’s track record and existing 26% stake, approval seems likely.
The Lakers join a growing list of NBA teams changing hands. Mark Cuban sold his majority stake in the Dallas Mavericks for $3.5 billion in 2023. The Celtics’ $6.1 billion sale is still pending final approval.
Herb Simon’s Indiana Pacers now hold the longest continuous ownership in the NBA. He bought the team in 1983, four years after the Buss family’s Lakers purchase.
For Lakers fans, the bigger question is what Walter’s ownership means on the court. The Lakers missed the playoffs this season despite trading for Dončić. Walter’s Dodgers spend heavily on talent and focus on winning championships. If he applies the same formula to basketball, Lakers fans have reason for optimism.
The $10 billion price tag might seem staggering. But given the Buss family’s 14,700% return over 46 years, Walter might just be getting started on his own investment of a lifetime.
The purple and gold are entering a new era. The only question is whether Walter can match the Buss family’s championship legacy. At $10 billion, he’s certainly paying for the privilege to try.
