The Buss family has reached a deal to give TWG Global CEO Mark Walter a controlling stake in the Los Angeles Lakers, a historic move that will change the NBA ownership structure. According to a person briefed on the arrangements, the sale reportedly values the team at an extraordinary $10 billion, which is a record for any professional sports business.

Jeanie Buss, who has been the face of Lakers leadership and whose family has a history with the team dating back to her father's 1979 acquisition, is anticipated to continue in her position as team governor even though she has given up the majority ownership. Since neither party has formally revealed the arrangement, the source, who spoke on condition of anonymity, attested to her continued membership in the company.

The precise amount of Walter's extra contribution is still unknown. He was a member of a consortium that acquired a 27% stake in the team back in 2021. According to the NBA's governance regulations, Jeanie Buss will continue to own at least 15% of the company, which is the bare minimum needed to keep her governorship and its duties.

When Dodgers manager Dave Roberts told Walter Marks about the sale,  “He’s very competitive and he’s going to do everything he can to produce a championship-caliber team every single year and make sure the city feels proud about the Lakers and the legacy that they’ve already built with the Buss family.”

 “A very exciting day for the Lakers, for the city of Los Angeles.” Roberts said.

Together with TWG Global, Mark Walter has already amassed a remarkable portfolio of sports investments, which includes ownership stakes in the Professional Women's Hockey League, the Los Angeles Dodgers of Major League Baseball, Chelsea FC, a dominant force in the Premier League, and several high-performance motorsport teams, including Cadillac Formula 1.

Walter is extremely reclusive and purposefully avoids the limelight despite his broad impact. He is the CEO of Guggenheim Partners, a multinational financial services company that is expected to manage more than $325 billion in assets. NBA legend Magic Johnson is one of Guggenheim's prominent investors, connecting Walter's corporate empire to a wider network of entertainment and sports personalities.

Only three months have passed since billionaire investor Bill Chisholm made history by acquiring the Boston Celtics for a record-breaking $6.1 billion, which at the time broke all previous records and surpassed the $6.05 billion benchmark set by the NFL's Washington Commanders sale. That number is already in the past thanks to Walter's acquisition of the Lakers. The NBA's board of governors has not yet granted formal approval for the Celtics sale, though. When league officials meet in Las Vegas next month, a formal vote is anticipated.

In addition to breaking the previous record for the sale of a professional sports team, the Los Angeles Lakers are currently being sold for an incredible $10 billion.

The Lakers have had one family in charge for a longer period of time than any other NBA franchise currently in operation. The 46-year reign of the Buss family is the longest period of continuity in league history. What's the next longest tenure? The Indiana Pacers, who are currently vying for a spot in the NBA Finals, were purchased by Herb Simon in 1983.

Jerry Buss did more than just acquire a basketball franchise when he paid $67.5 million to acquire the Lakers in 1979; he created a dynasty. The Lakers won 10 titles and made it to the NBA Finals 16 times under his leadership, solidifying their reputation as a world-renowned brand that embodies greatness and star power. His six children, who had all worked for the company for years in a variety of executive and operational capacities, took over the ownership after his death in 2013.

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