Los Angeles (Reuters) -The Buss family is entering an agreement to sell a majority stake in the Los Angeles Lakers, ESPN reported on Wednesday, marking the end of an era for one of the NBA’s most influential owners.
Mark Walter, the CEO and chairman of holding company TWG Global, is set to take the majority ownership under the agreement which values the Lakers at $10 billion, ESPN reported, making it the largest-ever sale of a professional sports team.
Walter, already an established figure in Los Angeles sports, has existing shares in MLB team Los Angeles Dodgers and WNBA franchise Los Angeles Sparks.
The Lakers did not immediately respond to a request for comment.
The late Jerry Buss purchased the Lakers in 1979 and turned it into one of the most popular franchises in all of professional sports, winning five championships during their now-iconic “Showtime” era in the 1980s.
His daughter, Jeanie Buss, took over as principal owner after Jerry died in 2013, making her one of the most powerful women in sports.
Jeanie Buss will stay on as governor after the sale, according to the ESPN report.
(Reporting by Amy Tennery in New York and Rory Carroll in Los Angeles, editing by Pritha Sarkar and Toby Davis)
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