Dodgers controlling owner Mark Walter and Lakers president and controlling owner Jeanie Buss broke their silence Wednesday on a blockbuster deal that shocked many in and outside of the Los Angeles.
A news release issued by Walter’s team confirmed his acquisition of majority ownership stake of the Lakers, with the transaction expected to close in the third or fourth quarter of this year.
During the sale talks, the valuation of the Lakers was placed at $10 billion, a record for a professional sports team, people with knowledge of the deal not authorized to discuss it publicly told The Times. ESPN reported it is possible the value could swell to $12 billion before the transaction is complete.
Buss, whose family has had control of the Lakers for 46 years, will remain governor of the team and “continue to oversee all team operations on a day-to-day basis for the foreseeable future,” the statement confirmed.
Walter and Todd Boehly — a partner in the Dodgers ownership group — became the Lakers’ largest minority shareholders in 2021 when they bought 27% of the franchise, a stake previously held by Phil Anschutz.
Jerry Buss, Jeanie Buss’ father, bought the team for $67.5 million in 1979 in a deal that included the Los Angeles Kings and the Forum in Inglewood. Buss sold the Kings to Bruce McNall in 1988.
“The Buss family is deeply honored to have looked after this incredible organization for almost half a century,” Jeanie Buss said in the statement. “From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning — relentlessly — and to doing so with passion and with style.”
Buss said she felt confident Walter would lead the franchise to success. During his tenure, the Dodgers signed a collection of stars headlined by two-way wonder Shohei Ohtani. The team won the World Series last year, their second championship and fourth World Series appearance in the last eight years.
“I have gotten to know Mark very well over time and been delighted to learn how he shares those same values,” Buss said. “For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue the Lakers’ extraordinary legacy.”
Walter, the chairman and CEO of TWG Global, has ownership stakes in the Dodgers, the WNBA’s Sparks, the Billie Jean King Cup, the Cadillac Formula 1 Team and the Professional Women’s Hockey League.
He said the Lakers “have long been one of the most iconic franchises in sports.”
“Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys,” Walter said.
Control of the Lakers went into a family trust after Buss died in 2013, with daughter Jeanie Buss operating as the team’s governor. The structure of the trust meant the majority of Buss’ six children — Johnny, Jim, Jeanie, Janie, Joey and Jesse — had to agree to the deal for a sale to occur.
The structure of the family trust, according to people familiar with it, doesn’t allow for ownership to pass down to heirs after death, meaning the split among the siblings would go from being shared six ways down to five and so on.
“I admire what [Jerry Buss,] Jeanie and the Buss family have built, and I know how much this special organization matters to Southern Californians and to sports fans everywhere,” Walter said. “I also have tremendous respect for Jeanie’s continued commitment to maintaining the Lakers’ long-term vision and elite status, and I’m excited to work with her on the next era.”
Los Angeles Times owner Dr. Patrick Soon-Shiong continues to hold a minority owner share of the Lakers.
The agreement for the sale of the Lakers came about three months after Bill Chisholm agreed to buy the Boston Celtics with an initial valuation of $6.1 billion — which was going to be a record, topping the previous mark of $6.05 billion sale for the NFL’s Washington Commanders.
The Lakers transaction was viewed as a massive surprise in NBA circles.
The Celtics’ sale is not yet finalized, pending final approval by the NBA’s board of governors.
The Lakers, led on the court by stars LeBron James and Luka Doncic, are preparing to start their 78th season later this year. The team has reached the postseason 65 times in franchise history, including 32 trips to the NBA finals and 17 championships.
The Associated Press’ Tim Reynolds contributed to this report.
