Lakers reportedly being sold for $10 billion: How much did the Buss family pay in 1979?

The NBA was rocked on Wednesday by the news of the potential sale of the Los Angeles Lakers. According to reports, the Buss family is finalizing details to sell majority ownership of the franchise to Mark Walter, in a deal that could reach $10 billion. That would mark a monumental profit, considering the price of the organization in 1979, when it last changed hands.

The news was first reported by NBA insider Shams Charania on his official X account (formerly known as Twitter). In the post, the reporter also stated that Jeanie Buss, the current controlling owner and team president, “will continue to serve in her role as Governor after the sale.”

If completed, the sale would stand as one of the most lucrative transactions ever: Jerry Buss acquired the Lakers in 1979 for $67.5 million, and now, 46 years later, the valuation is “approximately $10 billion, the largest sale of a professional sports franchise in the world,” according to Charania.

That means the Lakers’ value has multiplied nearly 140 times over the past five decades. The reasons for that rise are numerous, but one major factor is the NBA’s massive global exposure, a trend that began in the 1980s with Magic Johnson and Larry Bird and reached new heights in the 1990s with Michael Jordan.

Mark Walter attends Los Angeles Dodgers Foundation annual Blue Diamond Gala at Dodger Stadium on June 16, 2022

Who is Mark Walter, the potential new majority owner of the Lakers?

Mark Walter is a 65-year-old businessman born in Cedar Rapids, Iowa, who serves as the chief executive officer of Guggenheim Partners, a global financial services firm. But beyond that, Walter has strong ties to the world of sports.

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He is the primary owner and chairman of the Los Angeles Dodgers, one of Major League Baseball’s most prominent teams, as well as of Andretti Global, which competes in the Cadillac Formula 1, and the Women’s National Basketball Association’s Los Angeles Sparks.

Walter also owns the Professional Women’s Hockey League (PWHL) and holds stakes in organizations across other sports, including soccer (England’s Chelsea and France’s RC Strasbourg). Since 2021, he has owned 20% of the Los Angeles Lakers.

How many titles have the Lakers won under the Buss family?

The impact of Jerry Buss on the Lakers was monumental. When he bought the franchise in 1979, they hadn’t won an NBA championship in seven years—and in his very first season, they reached the top by defeating the Philadelphia 76ers in the 1980 NBA Finals.

That marked the beginning of a golden era for the team, with five championships and four more Finals appearances in just over a decade, led by head coach Pat Riley and a roster that featured superstars like Magic Johnson, Kareem Abdul-Jabbar, and James Worthy.

After another championship drought, Phil Jackson arrived in 1999 and sparked a new dynasty. With Kobe Bryant and Shaquille O’Neal dominating on the court, the Lakers won three straight titles from 2000 to 2002, and later, two more in 2009 and 2010—this time without the big man.

Following Jackson’s departure, the franchise entered a period of instability, with frequent coaching changes and disappointing performances. The lone bright spot came during the 2019–2020 season, when LeBron James led the team to its 17th NBA championship.