Magic Johnson Shared His Honest Thoughts On Jeanie Buss Selling Los Angeles Lakers For A Whopping $10 Billion: “Largest Sports Franchise Sale In History”
In a seismic shift that has sent shockwaves through the sports world, the Los Angeles Lakers, one of the most iconic franchises in professional sports, have been sold for an unprecedented $10 billion. The Buss family, who have steered the team since 1979, agreed to sell their majority stake to billionaire Mark Walter, CEO of TWG Global and owner of the Los Angeles Dodgers. This landmark transaction, reported by ESPN’s Shams Charania, marks the largest sale of a professional sports franchise in history, surpassing the $6.1 billion sale of the Boston Celtics earlier this year. NBA legend Magic Johnson, a five-time champion with the Lakers and a business partner of Walter, took to social media to share his heartfelt thoughts on the deal, praising Jeanie Buss for her leadership and expressing optimism about the franchise’s future.
The sale represents the end of an era for the Lakers, who have been synonymous with the Buss family for over four decades. Jerry Buss, Jeanie’s father, purchased the team in 1979 for $67.5 million, a deal that included the Los Angeles Kings and The Forum. Under his visionary leadership, the Lakers transformed into a global brand, winning 11 NBA championships and featuring legends like Magic Johnson, Kareem Abdul-Jabbar, Shaquille O’Neal, Kobe Bryant, and LeBron James. Following Jerry’s passing in 2013, Jeanie Buss took over as the team’s governor, navigating challenges while preserving her father’s legacy. The $10 billion valuation underscores the franchise’s immense cultural and financial value, driven by its championship pedigree, star power, and Los Angeles’ status as a media powerhouse.
Magic Johnson, whose connection to the Lakers spans his playing career, executive roles, and part-ownership, was effusive in his praise for Jeanie Buss. In a series of posts on X, he called her his “sister” and congratulated her on orchestrating what he described as the “largest sports franchise sale in history.” He expressed personal pride in her achievement, noting, “I told her that her dad Dr. Buss would be very proud of her for getting $10B for the Lakers.” Johnson’s comments reflect the deep bond he shares with the Buss family, forged during the “Showtime” era of the 1980s, when the Lakers’ fast-paced style and star-studded rosters captivated fans worldwide.
Johnson also endorsed Mark Walter as the ideal steward for the Lakers’ future. Walter, who has owned a minority stake in the Lakers since 2021, is no stranger to building winning organizations. His leadership of the Dodgers has yielded two World Series titles and 11 NL West divisional titles in 12 years, a track record Johnson highlighted as evidence of Walter’s commitment to excellence. “Mark Walter is the best choice and will be the best caretaker of the Laker brand,” Johnson wrote. “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 emphasized the similarities between Walter and Jeanie Buss, describing them as competitive, community-focused leaders who prefer to operate behind the scenes.
The sale comes at a pivotal moment for the Lakers, who recently acquired superstar Luka Dončić in a blockbuster trade with the Dallas Mavericks. With Dončić, LeBron James, and a talented supporting cast, the team is poised for a new era of success. However, the Buss family’s financial constraints had occasionally limited the franchise’s off-court investments, such as in coaching staff and front-office resources. Walter’s deep pockets, bolstered by Guggenheim Partners’ $325 billion in assets, signal a shift toward greater financial flexibility. Johnson’s confidence in Walter’s ability to “spend like they should spend” reflects a broader sentiment that the Lakers can now compete at the highest level both on and off the court.
Jeanie Buss will retain a minority stake of just over 15% and continue as the team’s governor, ensuring continuity in leadership. This arrangement, coupled with Walter’s proven track record, has sparked optimism among fans and analysts. The Lakers’ global fanbase, 17 championships, and recent moves like the Dončić acquisition position them to remain a powerhouse. As Johnson noted, “Laker fans should be ecstatic.” The $10 billion sale not only sets a new benchmark for sports franchise valuations but also heralds a bold new chapter for the Lakers, blending tradition with ambition under Walter’s stewardship.
