Buss Family to Sell Their Majority Lakers Stake to Dodgers Owner Mark Walter in Largest Sale of Pro U.S. Sports Team: Reports

NEED TO KNOW

• The Los Angeles Lakers are reportedly being sold to Mark Walter for a record-breaking $10 billion

• Jeanie Buss took ownership of the championship team after her father, Jerry Buss, died in 2013

• The Lakers have been in the Buss family for nearly 50 years, the longest ownership of any current NBA franchise

The Buss family is preparing to sell their majority stake of ownership in the Los Angeles Lakers, according to reports.

Businessman Mark Walter, who owns the Los Angeles Dodgers, will be making the approximately $10 billion purchase, ESPN and the Associated Press reported Wednesday, June 18. The record-breaking acquisition will mark the largest for any U.S. professional sports franchise.

A spokesperson for the Lakers did not immediately respond to PEOPLE’s request for comment.

Walter is the CEO of Guggenheim Partners, a global investment and advisory financial services firm. He has interests in multiple professional sports organizations, including the Los Angeles Sparks, the Billie Jean Cup, Cadillac Formula 1 team and the Professional Women’s Hockey League.

Jeanie Buss — the president and controlling owner of the NBA’s Los Angeles Lakers — took over the team after her father, Jerry Buss, died in 2013.

She will still assume her role as Lakers governor, with the Buss family keeping a minority share of just over 15% for a period of time, ESPN reported.

Kareem Abdul-Jabbar, Magic Johnson, Kobe Bryant, Shaquille O’Neal and LeBron James are some of the most notable names who have played for the Los Angeles Lakers.

The franchise has won 17 NBA Finals championships, including 11 since Jerry bought the team for $67.5 million in 1979. The Lakers belonged to the Buss family for 46 years, the longest ownership of any current NBA franchise.

After Jerry’s death in 2013, the team went to his children, with daughter Jeanie serving as the governor.

Johnson, 65, seemed to confirm the historic deal on social media. Johnson is a part-owner of the Dodgers.

“Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the @Lakers legacy and tradition of winning – Mark Walter, my business partner and friend! Mark Walter is the best choice and will be the best caretaker of the Laker brand,” the former point guard, who spent his entire career with the Lakers, wrote on X.

“The proof is in the pudding on what he’s been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner notching 2 World Series and 11 NL West divisional titles in the last 12 years!” his tweet continued.

As for Jeanie, she has always been hands-on with the team, even viewing them as her own family.

Never miss a story — sign up for PEOPLE’s free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer​​, from celebrity news to compelling human interest stories.

Following Bryant’s January 2020 death in a helicopter crash, she shared a tribute that read, in part, “My father loved you like a son, which makes us family.”

Speaking to PEOPLE exclusively in April 2023, Jeanie also reflected on the importance of her team taking care of their mental health.

“Not only do we share with the players the different opportunities that we have with them, but we also train our staff so that they can look for signs as well, not only amongst the players, but amongst the staff because these are very high-pressure jobs and they’re very visible jobs, but it’s doesn’t mean that the pressures that they feel aren’t any different than what everybody feels every day in a similar circumstance,” she told PEOPLE.

Read the original article on People