Mark Walter is buying the Lakers with a little help from his friend, Front Office Sports has learned.

Walter’s record-breaking deal for the iconic franchise also features his longtime business partner, Todd Boehly, with whom he co-owns the Dodgers, according to two sources familiar with the matter. Boehly’s involvement in the deal, which is expected to close as soon as the end of this week, has not previously been reported. ESPN first reported the deal could close before the start of November. 

In total, Walter and Boehly will own about 85% of the Lakers upon the deal’s completion—the exact size stakes that Walter and Boehly will individually own was not clear, although Walter will be the majority owner and Boehly will be a limited partner, the sources tell FOS. Walter and Boehly purchased a 27% stake in the Lakers in 2021.

The transaction, first announced in June, sees the Buss family ceding control after nearly five decades of majority ownership. It values the Lakers at $10 billion, surpassing the $6.1 billion sale of the Celtics to a group led by Bill Chisholm announced last spring. 

Jeanie Buss will retain a roughly 15% stake in the franchise and stay on as team governor for now—15% is the minimum stake required to serve in that position (team governors represent the franchise at board of governors meetings). Jerry Buss bought the Lakers, Kings, and Los Angeles Forum for $67.5 million in 1979. Jeanie Buss, 64, has been governor since her father died in 2013.

A representative for the NBA declined to comment. Representatives for the Lakers, Walter, and Boehly did not respond to requests for comment by time of publication.

The agreement will take place in one fell swoop, unlike the last few team sales, the sources tell FOS. Tom Dundon’s purchase of the Blazers, valued at north of $4 billion, will take place in multiple stages over the next few years, FOS reported earlier this month. The Celtics deal is also taking place in stages, with the first portion—which resulted in Chisholm taking over as majority owner—completed in August, and a second phase expected to close in 2028. 

The multistage deals have continued despite Adam Silver saying in April 2024, amid the messy Timberwolves sale process, that the NBA could revisit certain multistage deal structures. There, Glen Taylor agreed to sell the Timberwolves to Marc Lore and Alex Rodriguez at a $1.5 billion valuation, only to later dispute the deal. The matter ended up in arbitration, where an arbitrator ruled in favor of Lore and Rodriguez. The deal was completed in June.

Walter and Boehly co-own the Dodgers, which have done well since they took over the team in 2012. They are the defending World Series champions, and also won it all in 2020. Including this season, they’ve made the World Series five times since Walter and Boehly bought the team (this year’s series is tied 1-1 heading into the third game of the series Monday evening). The duo has a long history working together, including at Guggenheim Partners, where Walter is still CEO. Boehly left Guggenheim in 2015 to launch his own firm, Eldridge Industries.

In 2022, Boehly led a consortium that bought Premier League soccer club Chelsea, although the majority owner there is private-equity firm Clearlake Capital. Boehly and Walter are both minority owners in Chelsea.

In addition to the Lakers, Dodgers, and Chelsea, Walter and Boehly’s sports portfolio includes the WNBA’s Sparks. Walter’s holdings also include Cadillac’s Formula One team, and he is the primary financial backer of the PWHL.

The Lakers, which have won 17 NBA championships in their history, are 2-1 to start the 2025–26 season, behind strong performances from Luka Dončić and Austin Reaves. LeBron James has not played due to sciatica issues. With the Buss family departing as majority owners and Walter and Boehly taking over, it’s truly a new era of Lakers basketball.

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