• The Buss family will sell a majority stake in the LA Lakers to Mark Walter for $10 billion.
• Mark Walter is also the owner of the LA Dodgers and has stakes in various sports franchises.
• This sale sets a new record for the highest valuation of any professional sports team.
• Jeanie Buss will remain as team governor after the transaction is completed.
• The Lakers are currently one of the most successful teams in NBA history with 17 championships.

The Buss family has reached an agreement to sell a majority stake in the Los Angeles Lakers to Mark Walter, CEO of holding company TWG Global, for a record-breaking valuation of $10 billion. This sale marks the largest in professional sports history and signals the end of the Buss family's four-decade-long ownership, which began when Jerry Buss bought the team for $67.5 million in 1979, according to SFGate, CBS News, and HuffPost.

Walter, who has been a minority shareholder in the Lakers since 2021, is expected to leverage his significant financial resources—estimated net worth of approximately $12.5 billion—to enhance the franchise's competitiveness. He is already known for his successful ownership of the Los Angeles Dodgers, which have achieved remarkable success under his stewardship, according to Reuters and Channel NewsAsia.

Jeanie Buss, daughter of Jerry Buss and a key figure in the Lakers' recent successes, will retain her role as the team's governor. She has been recognized for her efforts in stabilizing the organization amidst various challenges and is credited with securing the Lakers' 17th championship in 2020 with the addition of superstar LeBron James to the roster, as reported by BBC and Reuters.

This landmark deal not only signifies a change in ownership but also enhances Mark Walter’s already prominent presence in the sports world, which includes stakes in several franchises across various sports, including the WNBA's Los Angeles Sparks and Premier League team Chelsea FC. The L.A. sports community is particularly enthusiastic, believing Walter's leadership could usher in a new era of success for the Lakers, as noted by Channel NewsAsia and Business Insider.

With the Lakers set to move forward under new ownership, the franchise is poised for potential transformation and renewed competitiveness in the NBA landscape. Their upcoming season could be a pivotal moment for both the team and its fanbase, depending on how Walter’s resources are utilized for team building and enhancements, according to SFGate and Al Jazeera.