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5 hours ago
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ESPN insider Shams Charania broke one of the biggest stories in NBA history on Wednesday: the Buss family has agreed to sell majority ownership of the Los Angeles Lakers to Mark Walter, CEO and chairman of diversified holding company TWG Global.
Jeanie Buss, who has served as the Lakers’ governor since her father’s passing in 2013, will remain in that role after the transaction closes.
Shortly after Charania’s report, Lakers legend Earvin "Magic" Johnson took to X to congratulate Buss and endorse Walter as the ideal steward of the franchise:
"Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the @Lakers legacy and tradition of winning — Mark Walter, my business partner and friend!" Johnson said.
"Mark Walter is the best choice and will be the best caretaker of the Laker brand. 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 notching 2 World Series and 11 NL West divisional titles in the last 12 years!"
The Lakers’ association with the Buss family stretches back to 1979, when Dr. Jerry Buss purchased the team (along with the Los Angeles Kings and The Forum) from Jack Kent Cooke for $67.5 million.
Under Jerry’s stewardship, the Lakers became the model franchise of the NBA’s "Showtime" era, capturing 10 championships from 1980 to 2010 and featuring icons like Magic Johnson, Kareem Abdul‑Jabbar, Shaquille O’Neal and Kobe Bryant.
Walter, meanwhile, is the primary owner of Major League Baseball’s Los Angeles Dodgers (two World Series titles in 2020 and 2024), the WNBA’s Los Angeles Sparks, auto racing’s Cadillac Formula 1 team via Andretti Global and has stakes in Premier League club Chelsea and the Professional Women’s Hockey League.
Magic Johnson (L) is greeted by Los Angeles Dodgers manager Dave Roberts (R) at Dodger Stadium.
Kiyoshi Mio-Imagn Images
As a five‑time NBA champion, three‑time Finals MVP and three‑time regular season MVP with the Lakers, Johnson’s endorsement carries weight.
Off the court, Johnson has parlayed his status into a thriving business empire, owning stakes in the Dodgers (with Walter as his principal partner), Sparks, Los Angeles FC (MLS), Washington Commanders (NFL) and more.
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