In a seismic move for professional sports, the Buss family has agreed to sell their majority stake—approximately 66%—in the Los Angeles Lakers to Guggenheim Partners CEO Mark Walter, valuing the franchise at an astounding $10 billion. This surpasses the previous record set by the Boston Celtics’ sale earlier this year and becomes the most expensive transaction for any U.S. pro sports team.

The Buss family has led the Lakers since 1979, when visionary owner Jerry Buss purchased the team for just $67.5 million. Under their leadership, the franchise captured 11 NBA championships and cemented its place in basketball history. After Jerry’s passing, Jeanie Buss stepped in as team governor—a role she will continue to hold following the sale. With a retained minority stake of just over 15%, Jeanie ensures a steady hand remains at the helm during this monumental transition.

Walter, who first entered the Lakers’ ownership circle in 2021 with a minority purchase, now consolidates his position as the franchise’s controlling owner. Already a fixture in professional sports—owning the Dodgers, Sparks, and stakes in Chelsea FC and a Formula 1 team—Walter brings a successful track record in leading championship-winning teams.

Jeanie Buss’s retention as team governor was a key condition of the deal, underscoring the importance of leadership stability. NBA regulations also require a minimum 15% equity stake to qualify for the governor role.

The finalization of this deal hinges on approval by the NBA Board of Governors, but it is expected to close imminently