Chelsea co-owner Mark Walter set to buy LA Lakers in historic $10 billion deal

Mark Walter, co-owner of Chelsea Football Club, is set to take full control of the Los Angeles Lakers in a deal that would make the team the most expensive sports franchise ever sold.

The Buss family, who’ve owned the Lakers for 47 years, are preparing to hand over their majority stake to Walter. A person familiar with the deal confirmed the news on Wednesday, though they asked to remain anonymous.

Walter already owns a small share of the Lakers, but this move would give him majority control. He’s also the CEO of TWG Global, a company that owns the LA Dodgers, LA Sparks, and the Cadillac Formula 1 team.

If the deal goes through, it would mark the end of an era for the Lakers and a major shift in ownership, putting the legendary NBA team in the hands of one of the biggest names in sports business.

“Mark Walter is entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers, of which he has been a stakeholder since 2021,” a spokesperson for Walter’s company told the BBC.

The exact size of Walter’s new stake remains undisclosed, though he was previously part of a group that acquired 27 percent of the Lakers in 2021.

Lakers legend and Walter’s business partner, Magic Johnson, was quick to praise the move, offering a personal endorsement of the team’s new owner and highlighting the positive impact he believes Walter will have on the franchise.

“Laker fans should be ecstatic," he wrote on X. “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 [Buss] sold the team to Mark Walter because they are just alike - they are competitive people, l have big hearts, love to give back, and both prefer to be behind the scenes.

“This makes all the sense in the world. I am so, so, so happy and excited for Lakers fans all over the world.”

Jerry Buss bought LA Lakers for $67.5 million in 1979

Walter’s acquisition ends a historic era of Lakers ownership under the Buss family. It all began in 1979, when Dr. Jerry Buss bought the team from Jack Kent Cooke in a $67.5 million deal. The purchase also included the Los Angeles Kings and the Forum.

Under Jerry Buss, the Lakers became one of the most iconic franchises in sports. Since 1980, they’ve won 11 NBA titles—more than any other team in that span. The Buss era featured stars like Magic Johnson, Kobe Bryant, and Shaquille O’Neal, and brought global fame to the team.

After Jerry Buss passed away in 2013, ownership went to his children. His daughter, Jeanie Buss, has served as the team’s governor ever since. Now, with Walter taking over, a new chapter begins for the Lakers.

The purchase of the LA Lakers will set a historic record in NBA and global sports history

In 2021, Walter acquired a majority stake in the Los Angeles Lakers, granting him the right of first refusal over any future sale of the team. Currently, he holds a 26% minority ownership share.

The reported £10 billion sale would set a new record for a sports franchise, surpassing the previous benchmark set earlier this year by the Boston Celtics' £6.1 billion sale.

Magic Johnson—Lakers Hall of Famer and member of the Dodgers ownership group alongside Walter—congratulated both parties on the landmark deal. Johnson, who has played, coached, and served as team president under the Buss family, praised the transition as a historic moment for the franchise.

Cover Credits - NBA.com