The Buss family, synonymous with the Los Angeles Lakers for decades, is on the brink of a significant shift as they prepare to sell a majority stake in the iconic NBA franchise at a staggering $10 billion valuation. The deal, as reported by ESPN, will see Mark Walter, the CEO and chair of TWG Global, assume majority ownership, marking a pivotal moment in the team’s ownership landscape. Walter, already a minority owner in the Lakers, boasts ownership of other sports entities like the Los Angeles Dodgers and the Los Angeles Sparks, further solidifying his presence in the sports industry.

The late Jerry Buss, who acquired the Lakers in 1979, transformed the team into a powerhouse, clinching five championships during the revered “Showtime” era in the 1980s. Following his passing in 2013, his daughter Jeanie Buss took the reins as principal owner, becoming a prominent figure in the sports world. Under her leadership, the Lakers have continued to draw star talent, notably securing LeBron James and clinching the 2020 NBA title. The recent acquisition of Luka Dončić from the Dallas Mavericks underscores the team’s ongoing pursuit of excellence.

Despite the impending ownership change, Jeanie Buss is poised to remain as the team’s governor, ensuring a sense of continuity amidst this significant transition. The sale of the majority stake symbolizes the end of an era for the Buss family’s ownership of the Lakers, marking a new chapter in the storied history of this legendary franchise.