The Buss family is entering into an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter for a franchise valuation of approximately $10 billion, sources told ESPN, the most ever for a U.S. professional sports franchise.
The Buss family will keep a minority share of the team, just over 15%, for a period of time, a source told ESPN.
Also, Jeanie Buss will continue to serve as Lakers governor, according to sources.
Walter, the CEO and chairman of diversified holding company TWG Global, has interests in multiple professional sports organizations, including the Los Angeles Dodgers, Los Angeles Sparks, the Billie Jean Cup, Cadillac Formula 1 team and the Professional Women's Hockey League.