By Joe Vardon, Mike Vorkunov, Fabian Ardaya and Andy McCullough
The Buss family has agreed in principle to sell the Los Angeles Lakers, one of the most iconic sporting brands in the world, to financier Mark Walter in a deal valued at a record $10 billion, league sources told The Athletic.
The sale, which is not yet finalized, could reach $12 billion in value, according to one source with knowledge of the negotiations, who spoke on the condition of anonymity because they were not authorized to discuss the sale.
Even at the lower number, the sale would be the largest for any sports team, and it will affect not only how competitive the Lakers can be in the NBA, but will also impact the other storied Los Angeles sports team for whom Walter is the controlling owner, the Dodgers.
Jeanie Buss, 63, will remain governor after the sale is complete, a league source said. Her father purchased the Lakers in 1979 and the following year the Lakers were NBA champions, the first of 10 titles they would win under his ownership. With stars like Kareem Abdul-Jabbar and especially Magic Johnson, the “Showtime” Lakers of the 1980s helped to reinvigorate the league’s popularity and made the franchise one of the most popular in all of sports.
