Los Angeles – The Buss family is entering an agreement to sell a majority stake in the Los Angeles Lakers, ESPN reported on Wednesday, marking the end of an era for one of the NBA’s most influential owners.

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 $10 billion, ESPN reported, 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 $6.05 billion 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.

The Lakers did not immediately respond to a request for comment.

Buss Family Purchased Lakers in 1979

The late Jerry Buss purchased the Lakers in 1979 and turned it into one of the most popular franchises in all of professional sports, winning five championships during their now-iconic “Showtime” era in the 1980s.

His daughter, Jeanie Buss, took over as principal owner after Jerry died in 2013, making her one of the most powerful women in sports.

Jeanie Buss will stay on as governor after the sale, according to the ESPN report.

Lakers Hall of Fame point guard Earvin “Magic” Johnson – a former player, coach, and executive with the team during the Buss family’s tenure — congratulated both parties on reaching the agreement.

“Laker fans should be ecstatic. A few things I can tell you about Mark – he is driven by winning, excellence, and doing everything the right way,” Johnson, who is also a co-owner of the Dodgers alongside Walter, said in a post on X.

“He will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike.

“Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the Lakers legacy and tradition of winning… Mark Walter is the best choice and will be the best caretaker of the Laker brand.”

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(Reporting by Amy Tennery in New York and Rory Carroll in Los Angeles, additional reporting by Janina Nuno Rios, editing by Pritha Sarkar and Toby Davis)