Historic Lakers Sale: End of an Era
The Buss family is selling their majority stake in the Los Angeles Lakers, ending their era of ownership. Mark Walter, a notable figure in Los Angeles sports, will acquire the majority stake, valuing the team at $10 billion. Jeanie Buss will remain involved as the team's governor.
The Buss family is poised to relinquish its majority control of the Los Angeles Lakers in a landmark sale, according to ESPN. This highly-publicized deal signals the end of an influential chapter in NBA ownership.
Mark Walter, the CEO of TWG Global, is set to take the helm as majority owner. This transaction values the storied franchise at an unprecedented $10 billion, marking it the largest sale of a professional sports team to date. Walter, no stranger to sports ownership, already holds stakes in the Los Angeles Dodgers and the Los Angeles Sparks.
The Lakers have not yet commented on the agreement. The franchise rose to prominence under the leadership of the late Jerry Buss who acquired the team in 1979. His daughter, Jeanie Buss, will maintain her role as governor after the sale.
(With inputs from agencies.)
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