Inside the Lakers Sale: How Jerry Buss Built a $10 Billion Dynasty
Mark Walter just bought the Lakers for $10 billion, but the real story starts with a land swap, a near-bankruptcy, and a man who changed sports forever.
Mark Walter is the most powerful person in sports you have never heard of. After agreeing to acquire a majority stake in the Los Angeles Lakers this week at a record $10 billion valuation, the CEO of Guggenheim Partners now has ownership stakes in the Lakers, Los Angeles Dodgers, Chelsea FC, the WNBA’s Los Angeles Sparks, the Cadillac Formula 1 team, and the Professional Women’s Hockey League (PWHL).
Top 5 Sports Franchise Sales In U.S. History
Los Angeles Lakers: $10 billion (2025)
Boston Celtics: $6.1 billion (2025)
Washington Commanders: $6.05 billion (2023)
Denver Broncos: $4.65 billion (2022)
Phoenix Suns and Mercury: $4 billion (2022)
The Lakers’ purchase seemingly came out of nowhere, but it has been in the works for a while. After losing out on the Clippers deal to Steve Ballmer, Mark Walter (and Todd Boehly) acquired a 27% stake in the Lakers from billionaire Philip Anschutz in 2021.
A 27% stake put them far below the 66% that the Buss family owned through its family trust, but this was a strategic purchase. Anschutz’s shares came with the right of first refusal to buy any new equity that came to market, with the option transferring to Walter and Boehly upon the deal closing. That meant that if the Buss family ever wanted to sell even a portion of the Lakers, Mark Walter had to be their first call.
Lakers fans will be thrilled with Walter. He’s been a fantastic owner. He wants to win and has the financial resources to overpay for players, staff, and facilities when necessary. Most importantly, Walter hires great people and stays out of their way.
There is a reason every MLB team is now trying to copy the Dodgers. They have revolutionized the league with an analytical approach and creative salary cap management, winning two World Series since 2020 and making the playoffs every single year since Walter took over the team for a record $2.15 billion in 2012. The Dodgers went from one of MLB’s worst-run teams to its best in less than a decade.
This story isn’t about Mark Walter, though. Over the next few days, you will hear a lot about how Dr. Jerry Buss acquired the Lakers for $67.5 million, with his family now selling the team at a valuation of $10 billion. Some people will be amazed by the financial return, while others discuss how it actually underperformed the S&P 500.
But finances are only part of the story. The real story involves one of the most complex and unique transactions in sports history, one that included a swapping of real estate assets and more than 50 lawyers. Then, after pushing himself near bankruptcy to acquire the team, Buss revolutionized the NBA’s business model, turning a team in a league whose Finals were on tape delay into the world’s most valuable sports property.
For most NBA owners, teams are just a part of their portfolio. For the Buss family, the Lakers were their entire fortune. Today’s newsletter will cover how Jerry Buss rose from extreme poverty to build a real estate empire, the historic deal that landed him the Lakers, the LA Kings, the Inglewood Forum, and a 13,000-acre ranch, and how his creation of the “Showtime” Lakers changed the NBA forever. Let’s get into it.