The Los Angeles Lakers are poised for a change in ownership as the Buss family has reportedly agreed to sell a controlling stake in the iconic NBA franchise to TWG Global CEO Mark Walter, in a deal that values the team at an unprecedented $10 billion – the highest ever for a professional sports franchise.
A person with knowledge of the agreement, who spoke on condition of anonymity, confirmed the details on Wednesday.
Despite the sale, Jeanie Buss, whose family has controlled the Lakers since her father acquired the team in 1979, intends to remain as governor.
The exact size of Walter's new acquisition remains unclear, though he was previously part of a group that purchased 27 per cent of the Lakers in 2021.
Walter, 65, is a prominent figure in sports ownership, with stakes in numerous other franchises, including the Los Angeles Dodgers, Chelsea FC, the Los Angeles Sparks, and several auto racing teams.
He is the chief executive of Guggenheim Partners, a global financial firm with more than $325 billion in assets.
The agreement was first reported by ESPN.
