According to ESPN's Shams Charania on Wednesday, the Buss family has decided to sell the majority stake of the Los Angeles Lakers to Mark Walter, CEO and chairman of diversified holding company TWG Global. The transaction is valued at up to $10 billion and is expected to set a record for the highest transaction in the history of global professional sports teams.

Mark Walter has held a 26% stake in the Lakers since 2021 and has the right of first refusal. He also owns interests in several professional sports organizations, including the Los Angeles Dodgers, the Los Angeles Sparks, the Premier League Chelsea Football Club, the French Ligue 1 Strasbourg Football Club, the Professional Women's Hockey League and the Cadillac Formula One Team.

The acquisition also marks the end of the Buss family's 46-year controlling stake in the Lakers. Since Jerry Buss bought the team for $67.5 million in 1979, the Lakers have won 11 NBA championships, the most in the same period.

ESPN reporter Ramona Shelburne further pointed out that the Buss family will continue to hold about 15% of the Lakers' equity after the transaction is completed. Jeanie Buss, the current Lakers honorary chairman and manager, will also retain her original position for at least the next few years and continue to be responsible for the team's daily operations.