Magic Johnson Speaks Out About The $10 Billion Lakers Sale, Setting A New Record For A Sports Franchise, A Shock To The Buss Family

In a historic move that has sent shockwaves through the sports world, the Los Angeles Lakers have been sold for a staggering $10 billion, marking the largest sale of a professional sports franchise in history. The Buss family, who have owned the iconic NBA team since 1979, agreed to sell their 66% majority stake to billionaire Mark Walter, CEO of TWG Global and principal owner of the Los Angeles Dodgers. The announcement, first reported by ESPN’s Shams Charania, has redefined the landscape of sports franchise valuations and elicited strong reactions, including from Lakers legend Magic Johnson, who took to social media to express his thoughts on the monumental deal.

Magic Johnson, a five-time NBA champion and a former minority owner of the Lakers, was quick to share his excitement and support for the transaction. In a series of posts on X, Johnson congratulated his close friend Jeanie Buss, the Lakers’ president, for orchestrating what he called “the largest sports franchise sale in history.” He emphasized that Jeanie’s father, Dr. Jerry Buss, who purchased the team for $67.5 million in a deal that included the Los Angeles Kings and The Forum, would be proud of her for securing such a landmark agreement. Johnson’s enthusiasm was palpable as he addressed Lakers fans directly, urging them to be “ecstatic” about the future under Walter’s leadership.

Johnson’s connection to both the Lakers and Walter runs deep. As a minority owner of the Dodgers since 2012, when Walter’s Guggenheim Baseball Management group acquired the team for $2.15 billion, Johnson has witnessed firsthand Walter’s commitment to building winning franchises. He praised Walter’s track record, noting the Dodgers’ two World Series titles and 11 NL West divisional titles in the last 12 years under his ownership. “Mark Walter is the best choice and will be the best caretaker of the Laker brand,” Johnson wrote, highlighting Walter’s focus on “winning, excellence, and doing everything the right way.” He also pointed out the similarities between Walter and Jeanie Buss, describing them as competitive, community-driven individuals who prefer to operate behind the scenes.

The $10 billion valuation, which surpasses the previous record set by the Boston Celtics’ $6.1 billion sale earlier in 2025, underscores the Lakers’ status as a global sports icon. Under the Buss family’s 46-year stewardship, the Lakers won 11 of their 17 NBA championships, featuring legendary players like Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, Shaquille O’Neal, and LeBron James. The team’s cultural significance, amplified by its Hollywood courtside presence and massive fanbase, has made it a cornerstone of the NBA. However, the rising costs of competing in the modern NBA, coupled with the financial limitations of a family-run business, made it increasingly challenging for the Buss family to keep pace with deep-pocketed owners like Steve Ballmer of the Los Angeles Clippers.

Walter, who already held a 26% stake in the Lakers since 2021, was granted the right of first refusal on the majority share, paving the way for this acquisition. His sports empire, which includes the WNBA’s Los Angeles Sparks, Chelsea FC, and a Formula 1 team, reflects his appetite for marquee assets. The Lakers’ sale, expected to close later in 2025 pending NBA approval, ensures that Jeanie Buss will retain a minority stake of about 15% and continue as the team’s governor, maintaining her influence over the franchise’s operations.

Johnson’s endorsement carries significant weight, given his storied history with the Lakers and his business acumen. He expressed confidence that Walter’s resources and vision would elevate the Lakers, both on and off the court. The team’s recent acquisition of Luka Dončić in a blockbuster trade signals their ambition to remain competitive, and Walter’s willingness to invest—evidenced by the Dodgers’ high-profile signings like Shohei Ohtani—suggests a bright future for the franchise.

The sale marks the end of an era for the Buss family, whose legacy transformed the Lakers into a global brand. Yet, it also signals a new chapter, with Walter’s financial might and strategic expertise poised to propel the team forward. As Johnson put it, “This makes all the sense in the world.” For Lakers fans worldwide, the $10 billion deal is not just a financial milestone but a promise of continued excellence in the purple and gold.