The Buss family, long-term custodians of the LA Lakers, are reportedly stepping down from their control and pursuing a deal to transfer majority ownership of the team to Mark Walter.

This transaction is expected to value the LA Lakers at around $10 billion, marking the highest valuation ever for an American sports franchise.

Although the Buss family will retain a minority stake of about 15% for a period, the family’s era of running the team effectively comes to an end.

Mark Walter, who already owned a minority share of the Lakers since 2021, will now acquire the majority stake through this deal.

For reference, the previous highest valuation was the Boston Celtics’ sale at $6.1 billion.

The LA Lakers are one of the most famous teams in the NBA, valued by Forbes last year at $7.1 billion, ranking third behind the Golden State Warriors and New York Knicks among NBA teams.

The Lakers have won 17 championships, the second most in NBA history, and were transformed into a legendary team by Jerry Buss, who purchased them in 1979 for $67.5 million, leading the 'Showtime' era in the 1980s.

Currently, the Lakers feature NBA superstar LeBron James, and recently made headlines by trading for Luka Dončić from the Dallas Mavericks.

Mark Walter is a 65-year-old billionaire, chairman of TWG Global and CEO of investment firm Guggenheim Partners.

Since 2012, he has owned the LA Dodgers baseball team and holds stakes in the Cadillac Formula 1 team, WNBA’s Los Angeles Sparks, and EPL's Chelsea Football Club, making him a major sports investor.

After Jerry Buss’s death in 2013, his 66% stake was passed to his six children through a family trust, with Jeanie Buss inheriting the main stake and overseeing team operations.

Jeanie Buss will continue as team governor to maintain the family’s connection to the Lakers.

Recent major sports team sales include the Boston Celtics at $6.1 billion and the NFL’s Washington Commanders for over $6 billion.

England’s Manchester United had a partial stake purchased at a valuation of $6.3 billion, and Chelsea was sold for $3.2 billion.

Final NBA board approval for the Lakers sale is expected to take a few months; however, the July Las Vegas meeting will focus mainly on league expansion plans, likely causing some delay in approval.