The Buss family, owners of the Los Angeles Lakers, have reached an agreement to sell the storied NBA franchise at a $10 billion valuation to Mark Walter, co-founder and CEO of financial services firm Guggenheim Partners.
ESPN first reported the agreement. The $10 billion valuation is a record for a sports team sale. Sportico valued the Lakers at $8.07 billion in its latest round of NBA valuations, good for third-most in the league.
As part of the agreement, Jeanie Buss will continue to serve in her role as Lakers governor, ESPN said. Buss didn’t immediately respond to an email and text message request for comment.
The previous record on a control sale was the recent Boston Celtics agreement, with the first tranche of the deal at a $6.1 billion valuation. The NFL has had a series of LP stakes sold over the last 12 months at valuations greater than $8 billion, including by the Miami Dolphins, Philadelphia Eagles and San Francisco 49ers.
The Celtics and Lakers are the only teams among the top 10 in each of the four biggest U.S. sports leagues that don’t run their venues—the Knicks and NHL’s New York Rangers don’t technically operate Madison Square Garden, but James Dolan controls all three assets.
Yet, both are storied brands in big markets with the Celtics winning a record 18 titles and the Lakers just one behind. The Lakers have a leg up on their longtime rivals with one of the richest local TV deals in the sport. The agreement with Charter Communication’s Spectrum brand paid the club nearly $200 million for the 2024-25 season.
Walter initially purchased a minority stake in the Lakers in 2021 from Phil Anschutz along with fellow Dodgers co-owner Todd Boehly. Anschutz’s stake included the right of first refusal on any other Lakers shares which came to market, and those rights transferred to Boehly and Walter.
Walter’s other sports holdings include the Los Angeles Sparks WNBA franchise, Cadillac’s Formula 1 team and the Professional Women’s Hockey League.
The Buss family, which will reportedly retain a minority share in the Lakers, was the longest-tenured NBA controlling owner, with Jerry Buss buying the team in 1979.
(This story has been updated in the headline and throughout the copy with additional details.)