While further specifics of the deal were not disclosed, Lakers legend Magic Johnson – a business partner of Walter – was among the first to react to news of the agreement.
“Laker fans should be ecstatic,” Johnson wrote on X, formerly Twitter. “A few things I can tell you about Mark – he is driven by winning, excellence, and doing everything the right way. And he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike.”
Johnson cited Walter’s ownership of the Los Angeles Dodgers baseball team as a reason for optimism. The Dodgers have won the World Series twice since Walter’s ownership group took the club over.
“Mark is the best choice and will be the best caretaker of the Laker[s] brand,” Johnson wrote. “The proof is in the pudding on what he’s been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner.”
The end of the Buss family’s control of the Lakers marks the end of an era in the NBA.
The team were bought by charismatic tycoon Jerry Buss in 1979, who quickly helped turn the franchise into a sporting powerhouse, as well as a globally recognised brand.
The Buss era brought the Lakers 11 NBA championships – more than any other team over the same period – and encompassed golden ages that included the “Showtime” Lakers of Johnson as well as a hat-trick of championships between 2000-2002, when the team was spearheaded by the late Kobe Bryant.
Walter has been a minority owner of the Lakers since 2021, when he bought a share of the team in a deal that also gave him first refusal to buy the club should the Buss family ever decide to sell.
The sale of the club smashes the previous highest figure paid for a US sports team, the US$6.1b paid for the Boston Celtics earlier this year.
That Celtics sale eclipsed the US$6.05b that Josh Harris paid for the Washington Commanders NFL team in 2023.
