Jeanie Buss Handpicked Mark Walter — Then He Flipped the Lakers for $12.5B

Jeanie Buss reportedly learned that Mark Walter had agreed to sell the Los Angeles Lakers for $12.5 billion only hours before the rest of the world did. The stunning turnaround came just 10 months after Buss sold the franchise to Walter, believing he would preserve its legacy—and after securing a written agreement that was supposed to keep her in charge for five seasons.

According to ESPN, Walter negotiated the deal with former Disney CEO Bob Iger and Thrive Capital founder Josh Kushner over a frantic 72-hour period in August. Buss was not involved in those talks and was reportedly “stunned” when Walter informed her shortly before news of the sale broke on Aug. 12.

The agreement represented a 25% jump from the $10 billion valuation Walter paid for the team in 2025.

That was not the future Buss envisioned when she helped position Walter as the family’s eventual successor. In 2021, she encouraged him to purchase Philip Anschutz’s minority stake, which came with the right of first refusal on the Buss family’s controlling interest.

Walter had built credibility within Los Angeles sports through his ownership of the Dodgers, while longtime Buss allies including Magic Johnson and Billie Jean King reportedly spoke highly of him.

When the Buss family finally sold its majority stake in 2025, Walter’s offer reportedly generated approximately $800 million for each of Jerry Buss’ six children.

More importantly to Jeanie, the deal included contractual language allowing her to remain the Lakers’ controlling governor for five years. At the time, she called Walter a friend and colleague and said she was “beyond excited about what our future has in store.”

Ten months later, Walter agreed to sell after Kushner approached him with what ESPN described as a “Godfather offer.” Walter initially said the Lakers were not for sale, but the $12.5 billion valuation quickly changed the conversation.

One Buss family confidant said Walter had treated the franchise “like a spec house,” adding, “That wasn’t supposed to be the deal.”

Iger met with Buss shortly after returning to Los Angeles and reportedly reaffirmed that she would retain a role after the sale closes. His public assurance was less definitive.

Although Iger said the incoming ownership group intended to honor Walter’s agreement with Buss, he added, “If something changes, then it changes.”

Buss’ future now also depends on the escalating fight with her five siblings over the family trust’s remaining 17.8% stake. Johnny, Jim, Janie, Joey and Jesse Buss voted to sell those shares to Iger and Kushner, while Jeanie challenged the vote in court.

Selling the entire stake would cost her the controlling-governor position because NBA rules require that person to own at least 15% of the franchise.