The Los Angeles Lakers, one of the most prominent teams in professional sports, are preparing for a significant ownership transition. Sources confirmed that the Buss family, who have owned the franchise since 1979, has agreed to sell a majority stake to Mark Walter, the CEO of TWG Global.

The deal is valued at around $10 billion, making it the largest sale of a sports franchise worldwide. Walter, who also serves as the principal owner and chairman of the Los Angeles Dodgers, currently holds a minority stake in the Lakers and is deeply involved in various professional sports organizations.

Jeanie Buss, who has been the Lakers’ governor since inheriting the role following her father’s death in 2013, is expected to continue in her leadership position after the sale.

“This transaction marks a new chapter for the Lakers, one of the most valuable and historic teams in the NBA,” said industry analysts. The franchise’s value, according to reports, was around $7 billion earlier this year, positioning the Lakers as the third-most valuable team in the league after the New York Knicks and Golden State Warriors.

The Lakers’ ownership history dates back to Jerry Buss, who purchased the team from Jack Kent Cooke for $67.5 million in 1979. Under the Buss family’s leadership, the Lakers have secured 11 NBA titles, including an impressive three-peat from 2000 to 2002.

The sale also follows recent record-breaking transactions in the sports world, such as the Boston Celtics’ sale for $6.05 billion earlier this year. This trend underscores the increasing value and commercial appeal of sports franchises.

As the Lakers prepare for this transition, fans and stakeholders remain eager to see how new ownership will shape the future of the franchise. While specific details of the deal, including the exact percentage ownership acquired by Walter, have not been disclosed, the significance of this transaction is undisputed.

The Lakers’ legacy, coupled with Walter’s extensive sports interests, suggests an exciting outlook for the team’s future. Fans of the franchise are encouraged to stay tuned for further updates as more information becomes available.