The Buss family has agreed to sell majority ownership of the Los Angeles Lakers, one of the most storied franchises in all of sports, to Los Angeles Dodgers owner Mark Walter, a source familiar with the agreement told CNN.
The valuation of the agreement is approximately $10 billion, representing the most lucrative deal for a professional sports team, according to the Associated Press.
ESPN’s Shams Charania was first to report the agreed sale.
CNN has reached out to the Lakers and Dodgers for comment.
Aside from being the chairman and controlling owner of the Dodgers, Walter is the CEO and founder of the holding company TWG Global.
The diversified business also holds stakes in the WNBA’s Los Angeles Sparks, the Premier League’s Chelsea FC and the newly formed Cadillac Formula One team, which is scheduled to make its debut on the grid in 2026, among other sports franchises.
On Wednesday, TWG said Walter is entering into an agreement to acquire additional interests in the Lakers. He has owned a minority stake in the franchise since 2021.
Basketball Hall of Famer Jerry Buss bought the Lakers in 1979 and oversaw the franchise winning 10 NBA titles. After his death in 2013, his daughter Jeanie Buss took over the role as governor of one of the most successful franchises in sports.
Los Angeles added another Larry O’Brien trophy to the collection in 2020, led by LeBron James, the team’s 17th NBA championship.
Last season, the Lakers finished in third place in the Western Conference with a 50-32 record before being eliminated by the Minnesota Timberwolves in the first round of the NBA playoffs.
James still remained one of the better players in the league in his 22nd season, averaging 24.4 points, 7.8 rebounds and 8.2 assists.
But the team shocked the world by executing one of the most stunning blockbuster trades in NBA history.
Los Angeles acquired NBA superstar Luka Doncic, as well as Maxi Kleber, Markieff Morris from the Dallas Mavericks for Anthony Davis, Max Christie and the Lakers’ 2029 first-round draft pick.
The NBA’s all-time leading scorer reportedly signed a two-year, $104 million maximum contract to return to the Lakers ahead of 2024-2025 season and has a player option to return next season.
Team president of basketball operations and general manager Rob Pelinka had previously said James will be keeping an eye on how the roster improves in the offseason.
Buss reportedly will continue in her role with the franchise after the sale.
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