LOS ANGELES (KYMA, KECY) — For the first time in nearly five decades, the Los Angeles Lakers are changing hands.
The Buss family has agreed to sell a majority share of the iconic NBA franchise to billionaire investor Mark Walter for a valuation of $10 billion, the highest ever for a U.S. professional sports team. Sources confirmed the deal to ESPN Wednesday afternoon.
Jeanie Buss will remain in her role as team governor and continue running the organization "for at least a number of years," as part of the agreement. The Buss family will also retain a minority stake of just over 15%.
Walter, the CEO of TWG Global, has been a stakeholder in the Lakers since 2021 and currently holds ownership in several major sports franchises, including the Los Angeles Dodgers, the WNBA's Los Angeles Sparks, English Premier League club Chelsea, and multiple auto racing teams.
Since 1979, the Lakers have been owned and operated by the Buss family, beginning with Dr. Jerry Buss’ purchase of the franchise for $67.5 million. Under their leadership, the team has won 11 NBA championships — more than any other franchise during that time span.
The sale of the Lakers still requires formal approval by the NBA’s Board of Governors, which is expected to meet in Las Vegas next month.