End of an era: Buss family sells controlling stake in Los Angeles Lakers for record $10 billion

The move ends nearly 45 years of family control, beginning with flamboyant real estate magnate Dr. Jerry Buss, who bought the Lakers in 1979 and turned them into a global brand.

In a historic shift for one of the NBA’s most legendary franchises, the Buss family has agreed to sell a majority ownership stake in the Los Angeles Lakers, valuing the team at an unprecedented $10 billion — the highest sale price ever for a US sports franchise.

The buyer is billionaire Mark Walter, principal owner of the Los Angeles Dodgers. Walter already held a minority stake in the Lakers, acquired in 2021, along with a right of first refusal should the team become available.

The sale shatters the previous record set just months ago when the Boston Celtics were acquired for $6.1 billion. Before that, the NFL’s Washington Commanders sold for $6.05 billion in 2023.

Under his leadership and later that of his daughter, Jeanie Buss, the Lakers were run more like a high-profile family dynasty than a corporate operation — glamorous, dramatic, and wildly successful.

The sale closes a unique chapter in sports ownership — a franchise once defined by family drama and glitz now enters a new era of corporate expansion and global ambition.

The Lakers, tied with the Celtics for the most NBA championships at 17, are one of the league’s crown jewels. Founded in Minneapolis in 1947 and moved to Los Angeles in 1960, the team rose to iconic status with stars like Magic Johnson, Kobe Bryant, Shaquille O’Neal, and LeBron James.

Balaram Menon Senior Web Editor

Balaram brings more than two decades of experience in the media industry, combining sharp editorial judgment with a deep understanding of digital news dynamics. Since 2004, he has been a core member of the gulfnews.com digital team, playing a key role in shaping its identity. Passionate about current affairs, politics, cricket, entertainment, and viral content, Balaram thrives on stories that spark conversation. His strength lies in adapting to the fast-changing news landscape and curating compelling content that resonates with readers.

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