The Buss family has entered an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, the CEO of diversified holding company TWG Global, sources told ESPN.
Jeanie Buss will continue to serve in her role as Lakers governor, sources said.
Walter has interests in multiple professional sports organizations, including the Los Angeles Dodgers, Los Angeles Sparks, the Billie Jean Cup, Cadillac Formula One team and the Professional Women's Hockey League.
The Lakers have been owned by the Buss family since 1979, when Jerry Buss purchased the franchise from Jack Kent Cooke in a $67.