One year after the Boston Celtics announced that a sale involving a majority stake in their franchise, their cross-country rival is planning to do the same.
The Buss family is entering an agreement to sell majority ownership stake in the Los Angeles Lakers to TWG Global CEO Mark Walter, according to a report from ESPN's Shams Charania.
Walter has served as a minority owner in the Lakers since 2021, and has ownership stake in the Los Angeles Dodgers and Los Angeles Sparks. Walter also holds ownership stake in the Billie Jean Cup, the Cadillac Formula 1 team and the Professional Women's Hockey League.
Jeanie Buss will continue to serve in her role as the franchise's governor after the sale.
Jeanie's father, Jerry Buss, purchased the Lakers in 1979 for $67.5 million. Jerry Buss died in 2013, and the franchise was passed down to his children.
The Lakers have won 11 NBA titles during the time that the Buss family has owned the team.
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This article was originally published on www.si.com as Buss Family Agrees to Sell Majority Stake in Los Angeles Lakers.
