The famous Los Angeles Lakers NBA franchise will have a new majority owner for the first time in 46 years when Mark Walter takes over from the Buss family.
The Buss family is entering an agreement to sell a majority stake in the Los Angeles Lakers, marking the end of an era for one of the NBA’s most influential owners, according to reporting by ESPN.
Mark Walter, the CEO and chairman of holding company TWG Global, is set to take the majority ownership under the agreement which values the Lakers at $10bn, ESPN reported on Wednesday, making it the largest-ever sale of a professional sports team.
The Boston Celtics had become the latest NBA franchise to change ownership in March, closing a $6.05bn sale to an investment group led by Bill Chisholm – a record figure for the league at the time.
Walter, already an established figure in Los Angeles sports, has existing shares in MLB team Los Angeles Dodgers and WNBA franchise Los Angeles Sparks.
