SPORTS: BUSS FAMILY TO SELL LAKERS TO MARK WALTER FOR $10B

The Buss family is entering into an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter for a franchise valuation of approximately $10 billion, the highest ever for a U.S. professional sports franchise.

The Buss family will keep a minority share of the team, just over 15%, for a period of time, a source said.

In addition, Jeanie Buss will remain the Lakers' governor and continue to run the team for "at least a number of years,". It was guaranteed as part of the agreement that Buss would remain in charge for the foreseeable future, and Walter fully endorsed this plan, according to sources.

Walter, the CEO and chairman of diversified holding company TWG Global, has been a stakeholder in the Lakers since 2021, when he purchased Phil Anschutz's share of 26%. That also was when Walter received a right of first refusal on the majority share of the team.

Walter and TWG Global have interests in multiple professional sports organizations, including the Los Angeles Dodgers, Los Angeles Sparks, Premier League club Chelsea and the Professional Women's Hockey League. And through TWG Motorsports, Walter owns several auto racing teams, including Cadillac Formula 1.

The Lakers have been owned by the Buss family since 1979, when Jerry Buss purchased the franchise from Jack Kent Cooke in a $67.5 million transaction that also included the Los Angeles Kings and the Forum.