The majority stake of the Los Angeles Lakers basketball franchise is being sold in what will mark the most expensive sale of a US sports team in history, according to a source familiar with the deal.
The Buss family has owned the team – one of the most iconic in sports globally – since 1979 and now has made a deal with TWG Global CEO Mark Walter, the source said.
The sale is reportedly worth an estimated $10 billion (£7.45bn) – though it could increase once finalised.
Mr Walter also has a controlling stake in the Los Angeles Dodgers, the professional US baseball team that won the World Series last year.
US media reported Wednesday that the National Basketball Association team’s valuation is at least $10 billion.
The BBC has contacted the Lakers for comment.
A spokesperson for Mr Walter’s company confirmed the billionaire financier was in the midst of a deal with the Lakers.
“Mark Walter is entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers, of which he has been a stakeholder since 2021,” the spokesperson said.
In 2021, Mr Walter became a co-owner of the team with a 20% stake. He has investments with various sports teams globally, including the Chelsea Football Club and the Cadillac Formula 1 Team, which is set to enter racing in 2026.
According to ESPN, which broke news of the sale, Jeannie Buss would continue to serve as team governor but her family would no longer own a controlling stake in the team.
Lakers legend Magic Johnson, who previously owned a stake in the team, said fans should be ecstatic about the sale and that Mr Walter will carry on the team’s legacy.
“I just talked to my sister Jeanie Buss to tell her congratulations, and that I’m so happy for her and family,” Mr Johnson said on X. “I told her that her dad Dr. Buss would be very proud of her for getting $10B for the Lakers, the largest sports franchise sale in history!”
