LA Lakers to be sold in NBA record-breaking $10bn deal: Report

The Buss family has agreed to sell a majority stake in the Los Angeles Lakers, ending their 46-year ownership of the NBA franchise. Mark Walter, CEO and chairman of holding company TWG Global, will become the new majority owner in a deal valuing the Lakers at $10 billion, which ESPN reports as the largest-ever sale of a professional sports team.

This ownership change follows the Boston Celtics' recent $6.05 billion sale in March. Walter, already established in Los Angeles sports through ownership shares in MLB's Dodgers and WNBA's Sparks, will assume control of the Lakers franchise.

The late Jerry Buss originally purchased the Lakers in 1979, transforming them into a globally iconic team highlighted by five championships during the 1980s "Showtime" era. His daughter Jeanie Buss took over as principal owner after his 2013 death and will remain as governor following the sale.

Lakers legend Magic Johnson publicly endorsed the agreement, praising Walter's commitment to winning and excellence. Johnson noted Walter will invest necessary resources to maintain the Lakers' winning tradition, calling him the "best caretaker" for the franchise while commending Jeanie Buss for selecting the right successor.