Major Change for the Lakers: Buss Family to Sell Majority Ownership

In a significant development for basketball fans, the Buss family, owners of the Los Angeles Lakers for 46 years, is reportedly set to sell the majority stake in the team to Mark Walter for around $10 billion.

Mark Richard Walter, an American businessman, is the CEO of Guggenheim Partners, which is a private financial services firm operating globally.

As per a report from ESPN, the Buss family plans to retain a minor share of just over 15% for an unspecified duration. It seems, despite handing over majority control, they aren’t completely stepping away.

Additionally, sources indicate that Jeanie Buss will continue in her position as governor of the Lakers. It’s interesting how those in leadership roles can remain influential even through these transitions.

Walter’s background is impressive; he also owns parts of other professional sports teams, like the Los Angeles Dodgers, and he’s involved with the Los Angeles Sparks, the Billie Jean Cup, and even the Cadillac Formula One team, among others.

Since Jerry Buss bought the Lakers in 1979 from Jack Kent Cooke for $67.5 million, they have achieved great success, winning 11 championships since 1980, more than any other team in the NBA. That’s quite a legacy to pass on, isn’t it?

Magic Johnson, a business partner of Walter and someone with a close relationship with Jeanie Buss, expressed his support for the sale on social media, suggesting Lakers fans should be “ecstatic.”

“Mark Walter is the best choice and will be the best caretaker of the Laker brand,” Johnson remarked on X. “His track record with the LA Dodgers speaks volumes; he’s secured 2 World Series titles and 11 NL West divisional titles in just 12 years!”

It’s curious how a change like this can impact the spirit of the team and its following. I mean, it’s a big move, and while some might feel apprehensive, it seems Johnson is very optimistic.