The Buss family, longtime owners of the Lakers franchise, is selling the majority stake in the legendary sports franchise to Mark Walter for a valuation of approximately $10 billion.

The deal makes it the largest amount of money ever paid to acquire a U.S. professional sports franchise.

While Walter will receive majority ownership, Jeanie Buss will stay on in her role as Lakers governor.

Walter is CEO and Chairman of TWG Global, a diversified holding group.

This will not be the first professional sports franchise with which Walter is involved. He also has stakes and interests in “the Los Angeles Dodgers, the Los Angeles Sparks, the Billie Jean Cup, the Cadillac Formula 1 team, and the Professional Women’s Hockey League,” ESPN reports.

Mark Walter, CEO of Guggenheim Partners, Ilana Kloss attend day 13 of the French Open 2022 held at Stade Roland Garros on June 3, 2022, in Paris, France. (Jean Catuffe/Getty Images)

The $10 billion price tag will be quite the return on investment for the Buss family.

Family patriarch Jerry Buss purchased the franchise from Jack Kent Cooke in 1979 for $67.5 million, a significant bargain considering that the purchase also included the Los Angeles Kings and the L.A. Forum.

Jerry Buss’ run as owner saw the Lakers achieve incredible success, including ten championships before he died in 2013 and 11 overall, the most of any NBA team during that time. After his death, control of the team passed to his children, with his daughter, Jeanie Buss, serving as governor.

The sale received a full-throated endorsement from franchise legend Earvin “Magic” Johnson, who not only knows the Buss family well but was also a member of Walter’s group that purchased an interest in the Dodgers in 2012.

“A few things I can tell you about Mark – he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win!” Johnson wrote on X, “I can understand why Jeanie sold the team to Mark Walter because they are just alike – they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world. I am so so SO happy and excited for @Lakers fans all over the world!!”

The end of the Buss family’s majority ownership of the Lakers marks the conclusion of the longest ownership run of any current NBA franchise.