LOS ANGELES: The Buss family has agreed to sell a majority stake in the Los Angeles Lakers to businessman Mark Walter in a deal that values the storied NBA franchise at $10 billion.
The sale would set a new record for an NBA team valuation. The Lakers play at Crypto.com Arena, which is owned by AEG and not included in the transaction.
CNBC’s most recent NBA team valuations ranked the Lakers third in the league at $7 billion.
“Mark Walter is entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers, which he has been a stakeholder in since 2021,” a Walter representative said in a statement to CNBC.
The Lakers did not immediately respond to a request for comment.
As part of the deal, Jeanie Buss will retain a minority stake in the team, which her family has owned since purchasing it in 1979 for $67.5 million. She will also keep her role as the team’s governor.
Walter, CEO and co-founder of Guggenheim Partners, is no stranger to sports ownership. He is the majority owner of MLB’s Los Angeles Dodgers, the WNBA’s Los Angeles Sparks and the forthcoming Cadillac Formula 1 team. He also owns the Professional Women’s Hockey League.
Former Lakers legend Earvin “Magic” Johnson, a business partner of Walter’s, praised the deal 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.”
NBA team valuations have surged since the league secured its latest media rights deal, worth $77 billion over 11 years.
In March, the Boston Celtics sold for a then-record $6.1 billion to private equity executive Bill Chisholm. The Celtics and Lakers are widely considered two of the NBA’s most iconic franchises.
The Lakers, who acquired Dallas Mavericks superstar Luka Dončić in February to pair with LeBron James, finished the 2025 season as the No. 3 seed in the Western Conference with a 50-32 record.
Since the Buss family took ownership, the Lakers have won 11 NBA championships — the most of any team in that span.