The Buss family is entering into an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter at a valuation of approximately $10 billion, sources told ESPN.
It will mark the largest ever sale of a U.S. professional sports team.
Jeanie Buss will continue to serve in her role as Lakers governor, sources said.
Walter, the CEO and chairman of diversified holding company TWG Global, has interests in multiple professional sports organizations, including the Los Angeles Dodgers, Los Angeles Sparks, the Billie Jean Cup, Cadillac Formula 1 team and the Professional Women’s Hockey League.
The Lakers have been owned by the Buss family since 1979, when Jerry Buss purchased the franchise from Jack Kent Cooke in a $67.5 million transaction that also included the Los Angeles Kings and the Los Angeles Forum. Since 1980, the Lakers have won 11 championships, the most by any NBA team during that span.
The Lakers passed to Buss’ children when he died in 2013, and his daughter Jeanie has served as the Lakers’ governor since.
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Author: Dillon B
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