Lakers owners Buss family sell majority stake at $10 billion valuation

The Buss family has agreed to sell a majority stake of the Los Angeles Lakers to businessman Mark Walter in a deal that values the team at $10 billon, according to people with knowledge of the terms.

The sale would mark a new record for NBA valuations. The Crypto.com Arena, where the Lakers play, is owned by AEG and is not included in the deal.

CNBC’s most recent Official NBA Team Valuations ranked the Lakers as third in the league in terms of value, 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 since 2021,” a representative for Walter 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 she has owned since her family purchased the franchise in 1979 for $67.5 million. She will also retain her governor seat.

Walter is CEO and co-founder of Guggenheim Partners and is not new to sports ownership. He is also the majority owner of MLB’s Los Angeles Dodgers, WNBA’s Sparks and Cadillac’s forthcoming Formula 1 team. He also owns the Professional Women’s Hockey League.

NBA valuations have skyrocketed since the league completed its most recent media rights agreement, valued at $77 billion over 11 years.

In March, the Boston Celtics sold for a then-record of $6.1 billion to private equity executive Bill Chisholm.

The Celtics and Lakers are arguably two of the most marquee franchises in the NBA.

The Lakers have won 11 NBA titles since the Buss family took over, the most of any NBA franchise during that period.