The Los Angeles Lakers are set to change hands in a record-breaking deal, and franchise legend Magic Johnson is all in.
Following reports that the Buss family is entering an agreement to sell majority ownership of the Lakers to Mark Walter for a $10 billion valuation, Johnson took to social media to voice his full support.
In a post on X, Johnson congratulated Jeanie Buss, writing: “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!”
Walter, CEO and chairman of TWG Global, will become the majority owner of the Lakers. He has held a minority stake in the team since 2021 and has interests in multiple professional sports organizations, including the Dodgers and the WNBA’s Los Angeles Sparks.
Johnson praised Walter’s leadership history: “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!”
“Laker fans should be ecstatic,” Johnson added. “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 also reflected on the bond between Buss and Walter, saying: “I can understand why Jeanie sold the team to Mark Walter because they are just alike – they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world.”
Jeanie Buss will remain in her role as Governor following the sale. Her late father, Dr. Jerry Buss, originally purchased the Lakers in 1979 for $67.5 million. Forty-six years later, the team’s valuation has reached an unprecedented $10 billion.
Johnson acknowledged the magnitude of that accomplishment: “I know that my sister Jeanie would have only considered selling the Lakers organization to someone she knows and trusts would carry on the Buss legacy, started by her father Dr. Buss.”
“She’s witnessed [Mark Walter] build a winning team with the Dodgers and knows that Mark will do right by the Lakers team, organization, and fans!”
In closing, Johnson shared a personal moment with Jeanie Buss: “I just talked to my sister Jeanie Buss to tell her congratulations, and that I’m so happy for her and family. I told her that her dad Dr. Buss would be very proud of her for getting $10B for the Lakers, the largest sports franchise sale in history!”
As the 2024–25 season ends with the Lakers eliminated in the first round of the playoffs, the ownership transition marks the beginning of a new era in Los Angeles.
