Sep 25, 2017; Los Angeles, CA, USA; Los Angeles Lakers President of Basketball Operations Magic Johnson is interviewed during Lakers Media Day at the UCLA Health Training Center in El Segundo, CA. Mandatory Credit: Jayne Kamin-Oncea-Imagn Images Jayne Kamin-Oncea-Imagn Images

NBA Legend Magic Johnson Reacts To Shocking Lakers News

Originally posted on Fastbreak on SI | By Ben Stinar | Last updated Jun 18, 2025 5:51 PM ET

The Los Angeles Lakers have been owned by the Buss family since 1979.

That said, ESPN's Shams Charania has now reported that they are selling their majority stake in the iconic franchise.

Via ESPN: "Breaking: The Buss family is entering an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, the CEO and chairman of diversified holding company TWG Global, sources tell @ShamsCharania . Jeanie Buss will continue to serve in her role as Governor after the sale."

Breaking: The Buss family is entering an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, the CEO and chairman of diversified holding company TWG Global, sources tell @ShamsCharania.

Jeanie Buss will continue to serve in her role as Governor after… pic.twitter.com/5Q5AJteYzw
— ESPN (@espn) June 18, 2025

After the big news, one person who sent out a post was Lakers legend (and Basketball Hall of Famer) Magic Johnson.

He wrote: "Laker fans should be estatic. A few things I can tell you about Mark - he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike - they are competitive people, l have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world. I am so so SO happy and excited for @Lakers fans all over the world!!"

Laker fans should be estatic. A few things I can tell you about Mark - he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike -…
— Earvin Magic Johnson (@MagicJohnson) June 18, 2025

Johnson also wrote: "Just like I thought, when the Celtics sold for $6B, I knew the Lakers were worth $10B!"

Just like I thought, when the Celtics sold for $6B, I knew the Lakers were worth $10B!https://t.co/APreKgzNxb
— Earvin Magic Johnson (@MagicJohnson) June 18, 2025

Johnson is one of the best players in the history of the franchise.

He helped lead them to five NBA Championships.

The Buss family purchased the Lakers in 1979 for $67.5M and sold the franchise for $10B 46 years later, per @ShamsCharania pic.twitter.com/6RWetixZVh
— Bleacher Report (@BleacherReport) June 18, 2025

They won their last title during the 2020 season.

This article first appeared on Fastbreak on SI and was syndicated with permission.

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