The Buss family, longtime owners of the Lakers franchise, is selling the majority stake in the legendary sports franchise to Mark Walter for a valuation of approximately $10 billion.
The deal makes it the largest amount of money ever paid to acquire a U.S. professional sports franchise.
While Walter will receive majority ownership, Jeanie Buss will stay on in her role as Lakers governor.
Walter is CEO and Chairman of TWG Global, a diversified holding group.
This will not be the first professional sports franchise with which Walter is involved. He also has stakes and interests in “the Los Angeles Dodgers, the Los Angeles Sparks, the Billie Jean Cup, the Cadillac Formula 1 team, and the Professional Women’s Hockey League,” ESPN reports.
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