The Buss family has reached an agreement to sell a majority stake in the LA Lakers to Mark Walter for nearly $10 billion, sources told ESPN. It would be the largest deal for an American professional sports team in history.

The Buss will retain a minority stake in the team, just over 15%, for a period of time.

In addition, Jeanie Buss will continue to manage the Lakers "for at least a few more years". This decision was made as part of the agreement. Walter himself has given his consent to this.

Walter, CEO and chairman of diversified holding company TWG Global, has been a shareholder in the Lakers since 2021, when he purchased Phil Anschutz's 26% stake. At that time, Walter also received the right of first refusal to purchase a majority stake in the team.

Walter and TWG Global have interests in several sports organizations, including the Los Angeles Dodgers, the Los Angeles Sparks, Premier League Club Chelsea FC, and the Women's Hockey League. Through TWG Motorsports, Walter also owns several racing teams, including the Cadillac Formula One team.

The Lakers have been owned by the Buss family since 1979. Jerry Buss purchased the organization from Jack Kent Cooke for $67.5 million, a transaction that also included the LA Kings and The Forum. Since 1980, the Lakers have won 11 NBA championships, a record for the period. | BGNES