The Buss family is entering into an agreement to sell a majority stake in the Los Angeles Lakers, ESPN reports. The team is valued at $10 billion, the largest sale in professional sports history.
Mark Walter, CEO of TWG Global and owner of shares in the Dodgers and Sparks, will take majority ownership. In NBA history, this would be the most expensive purchase of a team, beating the previous record of the Boston Celtics, which was sold for $6.05 billion in March.
The late Jerry Buss bought the Lakers in 1979 and turned them into one of the most popular sports teams in the world. Under his leadership, the Lakers won five championships in the 1980s.
After his death in 2013, Jeanie Buss became the majority owner. According to ESPN, she will remain as governor of the team even after the sale.
Magic Johnson, former Lakers star and executive, also gave a message. He said, "Mark Walter is a leader who is thirsty for success and quality. I believe he can continue the success and name of the Lakers."
