We are advising Mark Walter on the transaction

Davis Polk is advising Mark Walter on an agreement with the Buss Family Trust to acquire a majority stake in the NBA’s Los Angeles Lakers. Jeanie Buss will remain governor of the franchise and continue to oversee all team operations on a day-to-day basis for the foreseeable future. The sale is expected to close in the third or fourth quarter of 2025, subject to customary closing conditions, including obtaining NBA approval.

Mark Walter has been a minority owner of the Lakers since 2021. He is Chairman and CEO of TWG Global, a diversified holding company he leads with Co-Chairman Thomas Tull. He has ownership interests in several professional sports teams and organizations, including the Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, the Billie Jean King Cup, the new Cadillac Formula 1 Team and the Professional Women’s Hockey League (PWHL).

The Lakers were founded in Minneapolis in 1947, moved to Los Angeles ahead of the 1960-61 season, and were bought by Dr. Jerry Buss in 1979. Today, the Lakers are governed by Jeanie Buss, who, in 2020, became the first female controlling owner of an NBA Championship team. In 77 seasons of competition, the Lakers have reached the postseason 65 times, including 32 trips to the NBA finals and 17 championships.

The Davis Polk corporate and sports law team includes chair and managing partner Neil Barr, partners Michael Davis and Brian Wolfe and counsel Heather Weigel. Partner Ethan R. Goldman is providing tax advice. Partner Matthew J. Bacal is providing intellectual property advice. Partner Adam Kaminsky is providing executive compensation advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

Copy link to share post