Buss Family Ends Era with Landmark Sale of LA Lakers
The Buss family, owners of the LA Lakers for over 40 years, is selling a majority stake, with Mark Walter expected to take control. The deal values the Lakers at around $10 billion, marking it as the most substantial sports sale in U.S. history. The Buss family will retain a minority stake.
The iconic Buss family, who have led the LA Lakers to 11 NBA championships over the past four decades, are set to hand over their legacy by selling a majority stake in the franchise. ESPN reports this sale positions the Lakers as the highest-priced sports team in U.S. history, priced at approximately $10 billion.
Los Angeles Lakers minority owner Mark Walter is poised to acquire majority ownership. This transaction will conclude the Buss family's reign, which will still retain about a 15% minority share for a limited time, solidifying the end of their historic chapter.
Walter, a successful billionaire and sports team owner, continues to expand his portfolio. The transaction's approval and finalization are anticipated to take several months, with the NBA Board of Governors set to discuss league expansion in their July meeting.
(With inputs from agencies.)
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