Reports: Buss family selling majority ownership of Lakers

For the first time since 1979, the Los Angeles Lakers will not have the Buss family as a majority owner.

According to ESPN, the Buss family has entered into an agreement to sell majority ownership of the franchise to Mark Walter, CEO of diversified holding company TWG Global.

While Walter, who has been a stakeholder in the Lakers in 2021, will own the majority stake, Jeanie Buss will reportedly continue to serve in her role as the team's governor.

One of the franchise's all-time greats, Magic Johnson, said the team's fans should be thrilled by the sale.

"Laker fans should be estatic. 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 - they are competitive people, l have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world. I am so so SO happy and excited for

@Lakers fans all over the world!!"

Jerry Buss purchased the Lakers from Jack Kent Cooke in 1979, a deal that also included the NHL's Los Angeles Kings and the Los Angeles Forum. The Lakers won 11 of their 17 NBA championships under Buss family ownership.

The team's ownership was passed on to Buss' children when he died in 2013, with Jeanie taking over the responsibilities as team governor.

Walter will now step in as majority owner, although exact details of the agreement were not yet reported. That said, ESPN and The Athletic reported that the valuation of the deal is in the neighborhood of $10 billion -- which would be the largest sale of a professional sports franchise in the world.

The Boston Celtics were sold for $6.1 billion earlier this year.

Walter has his hands in several other professional sports organizations, including the Los Angeles Dodgers and the WNBA's Los Angeles Sparks.

--Field Level Media