Jeanie Buss is confident in the future of the Lakers after selling the majority stake in the team for $10 billion and striking the largest sale ever of a U.S. pro sports franchise.
Buss released a statement Wednesday discussing the agreement to sell majority ownership of the Lakers to businessman Mark Walter and explained why he is an "excellent partner" to continue the team's legacy.
"The Buss family is deeply honored to have looked after this incredible organization for almost half a century," the statement said . "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.
Jeanie Buss arrives at the Los Angeles Official Emmy FYC Red Carpet for "Running Point" at UCLA Health Training Center on May 30, 2025 in El Segundo, California. FilmMagic
"I have gotten to know Mark very well over time and been delighted to learn how he shares those same values. 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."
The ownership sale between her family and Walter is expected to close in the third or fourth quarter (July-December) of 2025, per the statement.
Walter — who has been a minority owner of the Lakers since 2021 — is also the primary owner of the Dodgers and the CEO of TWG Global, a multinational conglomerate holding company.
The entrepreneur and philanthropist has ownership interests in several professional sports teams and organizations — including the WNBA's Los Angeles Sparks, the Billie Jean King Cup, the new Cadillac Formula 1 Team and the Professional Women's Hockey League (PWHL).
Lakers owner Jeanie Buss and husband Jay Mohr attend the game against the Minnesota Timberwolves at Crypto.com Arena on April 19, 2025. Jayne Kamin-Oncea-Imagn Images
Buss is still expected to remain governor of the franchise and continue to oversee all team operations on a day-to-day basis for the foreseeable future.
The Buss family, which won 11 NBA titles across 46 years of ownership, issued their statement a week after the sale was first reported by ESPN.
Jeanie took over as the Lakers' governor after her father, Jerry Buss, died in 2013, and left the franchise to his six children.
Mark Walter is taking over as the Lakers' majority owner. Getty Images for Los Angeles Dodgers Foundation
Jerry purchased the franchise from Jack Kent Cooke for $67.5 million in 1979.
Lakers legend and former part-owner Magic Johnson congratulated Jeanie on "striking an incredible deal" and praised Walter, his business partner and friend.
The sale came after the Lakers orchestrated arguably the biggest midseason trade in NBA history, acquiring All-NBA guard Luka Doncic from Dallas in February.
Lakers forward LeBron James (23) during Game 5 of the first round of the 2025 NBA Playoffs at Crypto.com Arena on April 30. IMAGN IMAGES via Reuters Connect
After securing the No. 3 seed in the West, the Lakers' season ended at the hands of Timberwolves in first round of the 2025 NBA playoffs in five games.
LeBron James suffered a Grade 2 MCL sprain in his left knee in Los Angeles' 103-96 season-ending loss to Minnesota — and questions about his playing future inevitably followed.
The NBA's all-time leading scorer has a $52.6 million player option for what would be his 23rd season.
James, 40, previously said he would discuss his NBA future with his family after completing his 22nd season.
