In a monumental shift that ends one of the most iconic ownership eras in sports history, Jeanie Buss has agreed to sell her majority stake in the Los Angeles Lakers for a record-breaking $10 billion evaluation to billionaire Mark Walter, CEO of TWG Global and part-owner of the Los Angeles Dodgers.
While the move came as a shock to many, Lakers superstar Luka Doncic has fully embraced the change and sent a powerful message to the team’s incoming owner.
“The Lakers are an amazing organization. I’m looking forward to meeting Mark and excited about the future. I am also grateful to Jeanie and the Buss family for welcoming me to LA, and I’m happy that Jeanie will continue to be involved. I look forward to working with both of them to win championships!”
Luka’s statement echoes the optimism within the Lakers organization. Despite a disappointing first-round playoff exit this past season, the combination of Luka Doncic and LeBron James has given Los Angeles a dynamic duo with generational talent.
Now, with billionaire backing, they’re positioned to pursue titles aggressively, both through trades and financial investment in infrastructure.
Mark Walter, who previously purchased Phil Anschutz’s 26% minority stake in 2021, had first right of refusal if the Buss family ever decided to sell. That clause is now in motion. While Jeanie will remain the team governor and keep a 15% stake to retain league governance rights, the majority of the ownership now shifts into Walter’s hands.
Magic Johnson, who has deep ties with both the Lakers and Walter through their shared connection with the Dodgers, was ecstatic. He praised Walter as a relentless winner who “will put in the resources needed to win” and compared him favorably to Dr. Jerry Buss for his passion, business savvy, and behind-the-scenes leadership style.
From Luka’s side, the message is clear, he’s not only supportive of the change, but energized by it. Doncic was already seen as the centerpiece of the Lakers’ future, and with the team’s new financial firepower, fans can expect Los Angeles to be a top-tier destination for free agents and disgruntled stars alike.
As ESPN’s Dave McMenamin noted, the financial flexibility of TWG Global doesn’t override the NBA’s new CBA and its second-apron penalties.
However, Walter can pour resources into other essential areas: scouting, analytics, player health, and player development. In an era where marginal advantages separate contenders from pretenders, that might be what gives the Lakers an edge.
Doncic’s vocal endorsement, combined with LeBron James’ reported excitement about the change, suggests a unified front. Despite the end of the Buss family’s majority ownership, dating back to Dr. Buss’ $67.5 million purchase in 1979, the Lakers seem ready to enter a new golden age.
With Doncic at the helm and Walter’s billions behind him, Los Angeles isn’t just changing hands, they’re gearing up for another dynasty.
