LA Lakers owner Jeanie Buss agrees to sell NBA team for $10 BILLION in shock announcement
A FIVE-DECADE sports dynasty is ending at the Los Angeles Lakers as the team is being sold for a staggering $10 billion.
The Buss family is offloading their majority ownership in the team after 46 years and multiple national titles.
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Jeanie Buss owns the LA Lakers and is selling it for around $10 billion
Credit: Getty
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Jeanie Buss talks to LA Lakers superstar LeBron James courtside
Credit: X
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Buss' dad Jerry purchased the team in 1979, and passed it to her when he died
Credit: Getty
It is being purchased by LA Dodgers owner Mark Walter, ESPN reported.
He is the CEO of diversified holding company TWG Global and also has stakes or majority ownership of multiple other sports franchises.
Jeanie Buss, who has been the face of the family's ownership since 2013, will still continue in her role as Lakers governor.
The $10 billion deal is the largest sale ever of a professional sports team in the world.
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NBA BOMBSHELL LA Lakers owner Jeanie Buss agrees to sell NBA team for $10 BILLION
Walters also owns the MLB giants and World Series-winning Dodgers.
He also has stakes in the Los Angeles Sparks and the Billie Jean King Cup.
His portfolio also includes the Cadillac Formula One team and the Professional Women's Hockey League.
Walters also has shares in Premier League soccer giants Chelsea.
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The LeBron James-led Lakers have been owned by the Buss family since 1979.
Patriarch Jerry Buss purchased the franchise for a relatively paltry $67.5 million at the time.
LeBron James drops major retirement hint as NBA legend mulls over future at the LA Lakers
That was the equivalent of around $315 million today.
The move also included the Los Angeles Kings and the LA Forum.
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Buss passed it down to his children when he died in 2013.
His daughter Jeanie has been governor ever since.
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She has had a highly successful tenure ever since and became the first woman to ever lead an NBA championship team.
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According to NBA insider Shams Charania, the sale surpasses thoses of two of Buss' closest friends.
Mark Cuban sold a majority stake in the Dallas Mavericks for $3.5 billion.
And Wyc Grousbeck offloaded the Boston Celtics for $6.1 billion.
The Lakers have won seven NBA Finals under the Buss family's ownership.
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That includes legendary teams of the past led by Kobe Bryant, Shaquille O'Neal, Magic Johnson, and Kareem Abdul-Jabbar.
They created a dynasty that inspired the hit HBO show Winning Time.
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Buss in the arms of legendary Lakers icon Shaquille O'Neal
Credit: Getty
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Magic Johnson, Jeanie Buss, Rob Pelinka, Kobe Bryant, and his family pose in 2017
Credit: Getty
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Bryant with Buss in 2011, before his tragic death in a helicopter accident
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Walters has been a stakeholder in the Lakers since 2021.
He also received a right of first refusal on the majority share of the team at the time.
Lakers fans reacted with shock at the news, which was revealed on social media.
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"This is a historic day," one said.
"Mark Walter owns the Dodgers. One of the biggest spenders in baseball," another explained.
"I'd imagine this is a good thing for the future of the Lakers too.
"Deep pockets in LA now for the Luka Doncic era."
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