For the first time in 46 years, the Buss family will no longer have control of the Lakers. Per a blockbuster update by Shams Charania, Jeanie Buss is entering an agreement to sell majority ownership of the LA franchise to primary owner of the LA Dodgers, Mark Walter. It’s the largest sale of a professional sports franchise in history, valued at $10 billion. And turns out, Lakers legend Magic Johnson got on a private call with Jeanie to congratulate her on this historic feat.

“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!” Magic tweeted, revealing the details of his conversation with Jeanie.

When Jerry Buss bought the Lakers back in 1979, it was a $67.5 million deal that also included NHL’s LA Kings and Inglewood’s Forum. And Jeanie has done an incredible job of running the franchise since Jerry’s passing in 2013, skyrocketing its value to $10 billion.

When Dr. Jerry Buss passed away in 2013, the Lakers were valued at $1 billion. Fast forward to June 2025, and the franchise’s worth soared to an astonishing $10 billion, culminating in a record-breaking sale to billionaire Mark Walter. Under Jeanie Buss’ leadership, the Buss family’s 66% stake transformed into a $4.59 billion windfall—netting around $765 million for each sibling. Jeanie retained a 15% minority stake, now worth $1.5 billion, cementing both her influence and the Buss legacy. Fueled by the 2020 championship and a lucrative $400 million local TV deal, Jeanie’s vision helped drive the Lakers into a new financial era. Her dad would surely be proud, as Magic remarked.

Only three years ago, Jeanie shot down the idea of selling the Lakers, highlighting how much the franchise meant to her father, “This was something that was important to him, that he wanted me to keep the Lakers in the family. I like to say, my dad had his children, but the Lakers were his baby, and he put me in charge of the baby, and I will make sure that the baby thrives.”

However, the record multi-billion-dollar deal might have been too good to let go this time, especially when Jeanie will still retain a 15% minority stake along with her role as the team Governor. What might have further fueled this decision is that Mark already had deep ties with the Lakers and seems like the perfect person to take over the franchise.

Magic Johnson highlights why Mark Walter is the “best choice” to caretake the Lakers brand

Prior to this historic sale, Mark already owned a 26% minority stake in the Lakers. That means he understands what the Purple and Gold brand stands for. Also, Walter has had massive success as a sports team owner so far. Apart from being the Dodgers’ controlling owner, he also owns stakes in renowned soccer club Chelsea, WNBA’s LA Sparks, and an F1 team. That’s why Magic believes he was the perfect person to take over the Lakers after Jeanie.

“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! Mark Walter is the best choice and will be the best caretaker of the Laker brand. 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!” He tweeted.

Of course, Magic and Mark share a strong bond and are business partners as Dodgers’ stakeholders. So, the Lakers legend has complete faith in Walter to caretake the brand. Further highlighting Mark’s credibility, the Hall of Famer continued,

“Laker fans should be estatic. 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! 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. I am so so SO happy and excited for @Lakers fans all over the world!!”

It’s truly the end of an era for the Lakers, but hopefully the start of a more exciting one. Do you think Mark will have similar success with the Lakers as the Buss family?