LOS ANGELES — The Los Angeles Lakers have been sold in a record-breaking US$10 billion deal, making them the most valuable sports team in U.S. history, according to ESPN. The Buss family is handing over majority control to billionaire Mark Walter, CEO of TWG Global, while Jeanie Buss remains as team governor.

This sale ends the Buss family’s 46-year reign that began with Jerry Buss in 1979, a period which saw the Lakers win 11 NBA titles and become a global brand. Walter, who also owns the LA Dodgers and is part-owner of Chelsea FC, has been a minority stakeholder in the Lakers since 2021 and held the first right of refusal if the team was ever up for sale.

NBA legend Magic Johnson, a business partner of Walter, praised the move, saying Walter is committed to winning and will invest in success. Johnson pointed to the Dodgers’ recent championships and blockbuster signings, including Shohei Ohtani, as proof.