In a historic deal, Mark Walter, CEO of TWG Global, is set to acquire the controlling stake in the Los Angeles Lakers from the Buss family.
The transaction values the Lakers at a record-breaking $10 billion, the highest valuation ever for a professional sports franchise.
Jeanie Buss will remain as the team's governor, retaining a 15% ownership stake.
Walter, already a minority stakeholder, will now hold the majority interest. He is also the owner of the Los Angeles Dodgers and has significant investments in other sports teams.
Magic Johnson praised Walter's commitment to excellence and the Lakers' legacy, citing his success with the Dodgers.
The Lakers, under the Buss family, have won 11 NBA championships. This sale signifies a major shift in professional sports ownership.