The Buss family is reportedly nearing an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, in a deal that values the storied NBA franchise at an approximate $10 billion. This valuation, sources told ESPN on Wednesday, marks the highest ever for a U.S. professional sports team.

Under the terms of the impending agreement, the Buss family will retain a minority share of just over 15% for a period. Crucially, Jeanie Buss is guaranteed to remain the Lakers’ governor and will continue to lead the team for “at least a number of years,” a plan fully endorsed by Walter, sources with knowledge of the deal told ESPN’s Ramona Shelburne.

Mark Walter, the CEO and chairman of diversified holding company TWG Global, is already a significant stakeholder in the Lakers, having acquired Phil Anschutz’s 26% share in 2021. That purchase included a right of first refusal on the majority stake, which he is now exercising. Walter’s extensive portfolio in professional sports also includes interests in the Los Angeles Dodgers, Los Angeles Sparks, Premier League club Chelsea, the Professional Women’s Hockey League, and several auto racing teams through TWG Motorsports.

The Lakers have been under the control of the Buss family since 1979, when Jerry Buss acquired the franchise for $67.5 million in a transaction that also included the Los Angeles Kings and The Forum. Under Buss ownership, the Lakers have amassed 11 championships since 1980, the most by any NBA team in that span. Following Jerry Buss’s passing in 2013, ownership transitioned to a trust managed by his six children, with Jeanie Buss ultimately assuming control in 2017 after a family legal dispute. The impending sale to Walter was approved through a majority vote by the Buss siblings.

Lakers star Luka Doncic, recently acquired in a blockbuster trade with the Dallas Mavericks, was reportedly given a heads-up about the purchase agreement. Franchise legend Magic Johnson, a business partner of Walter’s and a close confidante of Jeanie Buss, enthusiastically endorsed the move on social media. “Mark Walter is the best choice and will be the best caretaker of the Laker brand,” Johnson posted on X, highlighting Walter’s championship success with the LA Dodgers. Dodgers manager Dave Roberts echoed the sentiment, calling it “a very exciting day for the Lakers.”

Johnson further stressed Walter’s commitment to winning and excellence, assuring fans that Walter “will put in the resources needed to win!” Walter, known for shunning the spotlight, also leads financial services firm Guggenheim Partners, which manages over $325 billion in assets.

The Buss family’s 46-year tenure as Lakers owners stands as the longest current ownership in the NBA. This landmark sale follows recent shifts in team ownership across the league, including Mark Cuban’s sale of a majority stake in the Mavericks in 2023 for $3.5 billion, and the pending $6.1 billion sale of the Boston Celtics. The Celtics’ sale awaits final approval by the NBA’s board of governors, scheduled to meet next month.