June 18 (UPI) -- The Buss family is finalizing an agreement to sell majority ownership of the Los Angeles Lakers, valued at $10 billion, the highest in pro sports in the United States, to billionaire Mark Walter.
Walter, 65, already has a 26% interest in the Lakers, and owns the Los Angeles Dodgers baseball team and the WNBA Los Angeles Sparks.
The Buss family, which has owned the franchise for 45 years, will keep a minority share of 15% for a period of time, a source told ESPN. This is the longest franchise ownership by a family with the Indiana Pacers second when Herb Simon bought them in 1983.
The Crypto.com Arena, where the Lakers play and is owned by AEG, is not included in the deal. CNBC's most recent Official NBA Team Valuations ranked the Lakers as third in the league in terms of value at $7 billion behind the Golden State Warriors at $9.4 billion and the New York Knicks at $7.5b billion.
Jeanie Buss will remain the franchise's governor and continue to run the team for "at least a number of years," ESPN reported.
