The Buss family has reportedly agreed to transfer majority ownership of the Los Angeles Lakers to Mark Walter, who is leading the ownership of the Los Angeles Dodgers. Jeanie Buss will remain as Governor post-sale for several years.

Walter, the CEO and chairman of TWG Global, is not only an investor in the Dodgers but has also been part of the Lakers since 2021 when he acquired a 27% stake in the team. The Buss family, who has held the reins of the Lakers since 1979, originally purchased the team for $67.5 million. It transitioned to their children after Jerry Buss’s passing in 2013.

Tensions over control emerged within the family, leading to an agreement in 2017 that designated Jeanie as the controlling owner, which followed a power struggle involving her brothers. The Lakers, known for their remarkable 17 championship titles, are poised for a change in ownership with this new deal, rumored to be worth $10 billion, making it the most expensive franchise sale in sports history.

Walter’s acquisition could open the door for the Lakers to spend significantly beyond the current salary cap restrictions, similar to the financial strategies the Dodgers have applied, resulting in two World Series titles in the past few years.

“Mark Walter is the best choice and will be the best caretaker of the Laker brand,” stated Magic Johnson, highlighting his confidence in Walter’s capabilities to manage the team effectively.

This is an ongoing story with updates to follow.