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The owners of the iconic Los Angeles Lakers have reportedly entered an agreement to sell their majority ownership for a staggering $10billion.
According to ESPN insider Shams Charania, Mark Walter - the CEO and chairman of diversified holding company TWG Global - is the interested buyer.
The deal would mark the largest sale of any sports franchise.
Jerry Buss bought the Lakers in 1979 from Jack Kent Cooke for $67.5million. That deal also included the Los Angeles Kings and the Los Angeles Forum.
The Lakers were passed to Buss' children upon his death in 2013 and his daughter, Jeanie, has been in charge ever since.
Jeanie will reportedly stay in her current position as Governor of the team once the deal has been concluded.
The Buss family has entered an agreement to sell their majority ownership of the Lakers
The Lakers have been owned by the Buss family since 1979, when Jerry Buss purchased the franchise for $67.5 million. His daughter, Jeanie (pictured), now runs the team.
Walter has owned a stake in the Lakers since 2021. At that time he was given a right to first refusal on the majority share of the team.
He has interests in a number of other sports teams, including baseball's Los Angeles Dodgers, Los Angeles Sparks of the WNBA and the new Cadillac F1 team.
The Lakers, whose current roster boasts LeBron James, are one of the most successful teams in NBA history having won 17 titles, the second most behind the Boston Celtics.
More to follow.
