Lakers fans on Thursday were adjusting to a future without full Buss family control after Jeanie Buss confirmed the storied NBA team's record-setting $10 billion sale to businessman Mark Walter.
Buss released a statement Wednesday announcing the sale of majority ownership to Walter, who holds stakes in several professional sports organizations, including the Los Angeles Dodgers, Los Angeles Sparks, the Billie Jean King Cup, Cadillac Formula One team and the Professional Women's Hockey League.
Want to get caught up on what's happening in SoCal every weekday afternoon? Click to follow The L.A. Local wherever you get podcasts.
"The Buss family is deeply honored to have looked after this incredible organization for almost half a century," Buss said in a statement.
"From the day our father purchased the Lakers, we have been determined to deliver what the city of Los Angeles deserves and demands: a team that is committed to winning -- relentlessly -- and to doing so with passion and with style."
Buss continued, "I have gotten to know Mark very well over time and been delighted to learn how he shares those same values. For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue the Lakers' extraordinary legacy."
The sale between the Buss family and Walter is expected to close in the third or fourth quarter of 2025, between July and December, according to the statement.
Buss is still expected to remain governor of the franchise and continue to oversee all team operations on a day-to-day basis for the foreseeable future.
Walter has been a minority owner of the Lakers since 2021. He is chairman and CEO of TWG Global, a diversified holding company.
"The Lakers have long been one of the most iconic franchises in sports," Walter said.
"Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys."
Walter said he respects the legacy Jeanie Buss and her family have created and understands what the Lakers mean to fans in Southern California and around the world.
Lakers legend Magic Johnson -- also a Dodgers part-owner -- called the reported sale great news for the franchise and fans in a post last week on X, after ESPN first broke the story.
"Laker fans should be ecstatic," Johnson posted.
"Mark (Walter) 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!"
Jerry Buss purchased the Lakers in 1979 for $67.5 million in a deal that also included the NHL's Kings and The Forum. Buss sold his controlling interest in the Kings in 1988 and what is now Kia Forum in 1999. Following his death in 2013, Lakers ownership passed to his children, with Jeanie Buss serving as team governor ever since.
The Lakers have thrived under the Buss family's leadership, becoming one of the most storied franchises in sports. They've captured 11 NBA championships during that span, including a three-peat from 2000 to 2002 under coach Phil Jackson and star guard Kobe Bryant, and most recently won a title in 2020.
The Boston Celtics were the most recent NBA team to be sold, reaching a deal earlier this year with a group led by Bill Chisholm. That sale price was $6.05 billion, setting a record for an NBA franchise.
Follow KNX News 97.1 FM