A seismic shift is happening in Los Angeles and NBA legend Magic Johnson is fully behind it. The Buss family, who have run the Los Angeles Lakers for nearly half a century, are reportedly stepping away from majority ownership.
In their place comes a man who’s already made championship waves in the city and the NBA icon, Magic Johnson believes the franchise is in great hands.
His reaction to the new owner is straight-up glowing. Johnson has a history with the man stepping in, and he’s fully behind the decision Jeanie Buss made.
Magic Johnson Backs Mark Walter After $10 Billion Lakers Takeover
Magic Johnson was excited when ESPN reported that Mark Walter would become the new majority owner of the Los Angeles Lakers.
He took to Twitter to express his excitement over the deal:
“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!” Johnson wrote.
“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!”
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…
— Earvin Magic Johnson (@MagicJohnson) June 18, 2025
Johnson’s tweet was a full endorsement of the deal from someone who understands what the Lakers brand means to Los Angeles. Walter, best known for leading the ownership group of the Los Angeles Dodgers, has built a reputation as a championship-minded businessman.
Under his watch, the Dodgers went from underperforming to one of baseball’s most successful franchises, winning multiple division titles and capturing two World Series titles.
Jhonson’s emphasis on their existing relationship gives even more weight to his words. It’s a public show of trust between two partners who’ve been working together in LA sports for a longtime.
Mark Walter’s Lakers Takeover Ends a 46-Year Reign by the Buss Family
Walter’s purchase of the Lakers for a record-breaking $10 billion marks the largest sale of a professional sports team in American history.
He’s not new to major moves. Aside from the Dodgers, he’s also involved with the Los Angeles Sparks, Premier League powerhouse Chelsea FC, the Cadillac Formula One team, Professional Women’s Hockey League.
He is the CEO of diversified holding company TWG Global, and his expanding influence across sports is now reaching one of basketball’s most iconic brands, led by Jeanie Buss since 2013.
According to Ramona Shelburne, “Walter earned the first right of refusal if the Buss family ever decided to sell their 66 percent stake when he purchased Phil Anschutz’ 26 percent stake in 2021.”
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Despite the sale, Jeanie will stay on as the team’s governor keeping a minority share of just over 15%, a position she’s held since the passing of her father, Dr. Jerry Buss. The family first bought the Lakers from Jack Kent Cooke in 1979 for just $67.5 million.
Walter’s resume of winning isn’t just tied to baseball. His connection to Johnson has proven valuable before. In 2012, the duo, alongside other investors, acquired the Dodgers for $2.15 billion. Two years later, they saved the WNBA’s Los Angeles Sparks from relocation by purchasing the team together after it was put up for sale.
Now, they’re poised to impact basketball again, but this time at the very top of the NBA ladder. Johnson’s support for Walter signals a potential new chapter in Lakers history.
