The Buss family has agreed to sell a controlling interest in the Los Angeles Lakers to the current owner of the L.A. Dodgers, CBS News Los Angeles has confirmed.
Mark Walter, Chief Executive Officer of Guggenheim Partners, will assume majority ownership over the iconic franchise once the deal is made official. Current owner Jeanie Buss will retain the title of governor, meaning she'll continue to represent the team in league matters. She's ran the team since her father Jerry's death in 2013.
"We can confirm: 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," said a statement from the team.
The expected sale is valued at about $10 billion, first reported by ESPN, shattering the current record for the largest sale of a sports team in history. The previous record was last year's $6.1 billion sale of the Lakers' rival Boston Celtics.
When the sale goes official, the Lakers will be the most valuable franchise in sports by nearly $4 billion.
Mark Walter, owner and chairman of the Los Angeles Dodgers prior to Game 1 of a National League Division Series baseball game on Saturday, October 7, 2023.
Keith Birmingham/MediaNews Group/Pasadena Star-News via Getty Images
Aside from the Dodgers, Walter also owns the Professional Women's Hockey League, the Los Angeles Sparks and has interest in Premier League soccer club Chelsea and the Cadillac Formula 1 racing team.
Jerry Buss purchased the team for $67.5 million in 1979 and have since transformed into one of the world's most recognizable sports franchises. After his death, ownership passed to his children Jeanie, Johnny and Jim, the latter of which left the team in 2017 after acting as the executive vice president of basketball operations.
Since the family's acquisition, the Lakers have a 2236-1467 record and have won 11 NBA Titles with teams that have featured some of the league's most iconic players like Kareem Abdul-Jabbar, Magic Johnson, Kobe Bryant, Shaquille O'Neal and LeBron James.
Over that time span, the Lakers have shelled out a number of large player contracts, which include multi-year deals for Bryant, O'Neal, James, Anthony Davis and many more.
Similarly, under Walter's tenure as owner, the Dodgers have entered a number of high-dollar deals, most notably inking Japanese superstar Shohei Ohtani to a record-breaking $700 million contract in 2023.
Johnson, who previously owned part of the Lakers and is also part of the Dodgers' ownership team, took to X to offer his thoughts on the blockbuster deal.
"I just talked to my sister Jeanie Buss to tell her congratulations, and that I'm so happy for her and family. I told her that her dad Dr. Buss would be very proud of her," his post said.
"Laker fans should be estatic. A few things I can tell you about Mark - he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win!" said another post.
This is the second instance in which the Lakers have stunned the sporting world in a six-month span, after they acquired superstar guard Luka Dončić from the Dallas Mavericks in one of the most stunning trades in NBA history.
More from CBS News
Austin Turner