"Mark Walter is worth $6.1B we spending money": Lakers fans freak out as ownership era shifts from Buss legacy to TWG’s CEO

On Wednesday, ESPN's Shams Charania confirmed that the LA Lakers are shifting to a new majority ownership. Charania reported that the Buss family agreed to sell the majority of the ownership to Mark Walter. The new owner is the CEO and chairman of TWG Global, a multinational conglomerate holding company.

Charania explained that the agreement to purchase the majority ownership is valued at $10 billion. ESPN confirmed that the transaction is "the largest sale of a professional sports franchise in the world."

The organization confirmed that Jeanie Buss will continue as team governor following the sale. Since 1979, the franchise has been under the Buss ownership. The late Dr. Jerry Buss purchased the Los Angeles team that year from Jack Kent Cooke for $67.5 million. Since then, they've allowed the NBA team to grow and become one of the largest markets in the league.

According to Forbes, the Lakers are valued at $7.1 billion. It has grown into one of the fan-favorite franchises and a top destination for many All-Stars.

After the confirmation, fans freak out over the new ownership. Here are some of what the team's supporters had to say about the change.

"MARK WALTER IS WORTH $6.1B WE SPENDING MONEY," a fan said.

"I’d imagine this is a good thing for the future of the Lakers too. Deep pockets in LA now for the Luka Doncic era," NBA insider Kevin O'Connor pointed out.

"That's a great move. Mark Walter is an incredible owner," one fan said.

Others compared it to the Dallas Mavericks' ownership change.

"Why does Luka Doncic always have to deal with ownership changes?" a comment read.

"It’s over. I remember how they said the same thing about Cuban when he sold the team then he vanished," another fan commented.

"This is exactly what Mark Cuban said too Lakers fans lol," one fan shared.

The Lakers' sale was already in the works

According to ESPN's Ramona Shelburne, the Lakers' sale was inevitable. Mark Walter had already purchased the 26% ownership stake of Philip Anschutz in 2021. Todd Boehly, the co-founder, chairman, chief executive officer and controlling member of Eldridge Industries, was part of the purchasing group.

Shelburne reported that Walter had the first right of refusal when the time came for the Buss family to decide to sell their majority stake. They own 66% of the franchise and have been in control for a long time.

Aside from basketball, Walter is part of the majority ownership group of the LA Dodgers, Guggenheim Baseball Management. He shares ownership with Magic Johnson, Stan Kasten, Peter Guber, Bobby Patton and Todd Boehly.

With the excellence that the Dodgers have reached recently, the new ownership wants the same for the basketball club.