Lakers sold: Buss family sells majority stake for $10B, reports say

Reaction to the Lakers' new ownership

Big names in LA sports and fans reacted to the reported ownership change of the Lakers.

LOS ANGELES - It is reportedly the end of an era for the Buss family and Los Angeles sports.

What we know:

On Wednesday, ESPN reported that the Buss family agreed to sell majority ownership of the Los Angeles Lakers to Mark Walter.

Walter is the CEO and chairman of TWG Global. If his name sounds familiar, Walter also happens to own the LA Dodgers and Sparks, as well as the Billie Jean Cup, the Cadillac Formula One team and the Professional Women's Hockey League.

Jeanie Buss will reportedly maintain her role as Lakers governor, sources told the sports publication.

The sale is reportedly valued at $10 billion.

$10B Lakers sold to Dodgers owner Mark Walter

The Buss family is reportedly selling the $10 billion Los Angeles Lakers to current Dodgers owner Mark Walter.

Earvin "Magic" Johnson reacts: ‘Laker fans should be ecstatic’

What they're saying:

NBA legend and businessman Earvin "Magic" Johnson reacted and said the sale is good news for Laker Nation.

"Laker fans should be ecstatic. 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!," Johnson wrote on X.

The tweet continued to say, "I can understand why Jeanie 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!!"

Los Angeles Dodgers owner Mark Walter hoists the Commissioner's Trophy after the Dodgers defeated the New York Yankees in Game 5 to clinch the 2024 World Series. (Photo by Mary DeCicco/MLB Photos via Getty Images)

Dodgers manager Dave Roberts also weighed in, saying "He's very competitive and he's going to do everything he can to produce a championship-caliber team every single year and make sure the city feels proud about the Lakers and the legacy that they've already built.

Fan reaction: ‘This is going to be the golden era’

What fans are saying:

FOX 11 spoke to fans outside Crypto.com Arena to get their reaction to the reported transition of ownership.

"Wow, that's a lot of money, especially considering that the Celtics just sold for $6 million," one fan said. "I think that it's gonna inject some new life into the organization."

Another fan outside the downtown LA arena said, "This is going to be the golden era, something that Kobe Bryant's going to be looking down and just saying, unbelievable, blessing the new ownership"

However, not everyone was thrilled.

"Very disappointing because this has been the franchise family name for decades, you know, so to have that happen would be an upset, I think personally to Laker fans," an LA sports fan said.

The backstory:

The great Dr. Jerry Buss first purchased the Lakers in 1979 from Jack Kent Cooke for $67.5 million.

He maintained ownership of the team until his passing in 2013 and during that time, the Lakers won 10 NBA championships, as highlighted by the "Showtime Lakers" era.

Jeanie Buss and dad Jerry Buss during Jerry Buss Honored with a Star on the Hollywood Walk of Fame at Hollywood Blvd. in Hollywood, CA, United States. (Photo by M. Phillips/WireImage)

Buss' legacy was passed onto his children and his daughter, Jeanie, became controlling owner.

The Lakers last won a title in 2020 during an unprecedented season that included a social justice movement and the passing of Kobe Bryant.

After a short-lived playoff run during the 2024-25 season under new head coach JJ Redick, the Lakers are tasked with handling the final years of LeBron James' career, as well as the rise of international superstar, Luka Dončić.