In 1979, Jerry Buss bought the Los Angeles Lakers along with their home court at the time, The Forum, and the Los Angeles Kings of the NHL.

Forty-six years later, his heirs made a tidy profit on that purchase, selling majority ownership of the Lakers for a record-breaking $10 billion to Mark Walter. During the Buss family’s tenure, the Lakers became the NBA’s most successful franchise, winning 11 championships in 17 Finals appearances.

The team has also been home to the league’s biggest stars—from Kareem Abdul-Jabbar and Magic Johnson in the 1980s, to Kobe Bryant and Shaquille O’Neal in the 2000s, to LeBron James and Luka Dončić at present.

The Lakers have become synonymous with the NBA and play in one of the most famous cities in the world, so it comes as no surprise that they commanded such a price tag. The team’s valuation was nearly double that of their longtime rival, the Boston Celtics, who were sold just last March for $6.1 billion.

While the Lakers’ time under the Buss family was a fruitful one, it also feels like the right moment for a new owner to step in. The influx of billionaire investors into the league—such as Steve Ballmer, who owns their crosstown rival, the Los Angeles Clippers—has left the Lakers outgunned financially. Unlike other owners who built wealth in outside industries and entered sports to diversify, the Buss family’s fortune was primarily tied to the team. This made it difficult for them to invest further in the franchise or even dip into the luxury tax.

That now changes with Walter at the helm. He made his wealth primarily as CEO of the global investment firm Guggenheim Partners and is no stranger to the sports world. Among the teams he currently owns, the most famous is the reigning World Series champion Los Angeles Dodgers. Since taking over the Dodgers, he’s made several high-profile investments—none bigger than Shohei Ohtani’s record-breaking $700 million contract.

Prior to this deal to take over the Lakers, the 65-year-old Walter was already a minority shareholder in the team, dating back to 2021 when he purchased a 26% stake.

Franchise legend Magic Johnson, with whom Walter shares several business interests, gave a public vote of confidence to the new owner.

Through his time with the Dodgers, Walter has proven that he can build a winning team and maximize a marketable superstar. The Lakers already had a bright future ahead when they acquired Luka Dončić—one of the league’s best players—last February from the Dallas Mavericks. But with Walter now in charge, their ceiling may now be higher than ever.

Walter’s arrival marks the beginning of a new era in Los Angeles—one that gives them the financial muscle to compete with any team in the league. With Dončić entering his prime, the Lakers now have both a generational talent on the court and an ownership group capable of giving him every tool necessary to chase another NBA championship.

The Buss family chapter of Laker history may now be closed, but this new one under Walter has the potential to be just as successful—if not even greater—when it is all said and done.