The Los Angeles Lakers, owned by the Buss family, have sold their majority ownership stake in the NBA team for $10 billion to businessman Mark Walter.

The sale is the largest for any professional sports team in the world. Jeanie Buss will continue to serve as Lakers governor, ESPN reported.

Recommended Stories

• Florida Panthers defeat Edmonton Oilers to win second consecutive Stanley Cup
• Riley Gaines announces she's pregnant and having a girl: 'Everything I've been fighting for'
• LA Dodgers Clayton Kershaw praised for writing Bible passage on Pride hat

The Lakers, who have won 16 NBA championships, including six since 2000, are known for iconic players like Magic Johnson, Kareem Abdul Jabbar, the late Kobe Bryant, and current star Lebron James. They had been owned by the Buss family since 1979, when Jerry Buss purchased the franchise from Jack Kent Cooke for $67.5 million along with the Los Angeles Kings and the Los Angeles Forum.

Jerry Buss died in 2013, passing the team’s leadership torch to Jeanie Buss and the family.

Walter, who had been a stakeholder in the team since 2021, is the CEO of Guggenheim Partners, a financial services firm.

Johnson reacted on X to Walter purchasing the team:

“Laker fans should be (ecstatic),” Johnson wrote. “A few things I can tell you about Mark — he is driven by winning, excellence, and doing everything the right way. AND 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.”

The sale is still pending and could eventually value the team at $12 billion, a source told the Athletic.

FILIBUSTER FLIP-FLOP: SENATE DEMOCRATS READY TO EMBRACE THE TOOL TO STONEWALL TRUMP

The Boston Celtics, considered a chief rival of the Lakers, were sold at a valuation of $6.1 billion earlier this year.

The Lakers are currently in their offseason after finishing the season 50-32, dropping a series in five games, 4-1, in the first round of the NBA playoffs to the Minnesota Timberwolves.