The Los Angeles Lakers have officially made headlines as they are set to be sold for a staggering $10 billion, establishing them as the most valuable sports franchise in U.S. history, according to a report by ESPN.

This monumental deal will see the Lakers' controlling interest transition from the Buss family, who have held ownership for an impressive 46 years, to billionaire Mark Walter, who is already a minority stakeholder in the renowned franchise. Despite this significant shift in ownership, Jeanie Buss will continue in her role as the Lakers’ governor, maintaining a connection to the storied history of the team.

Mark Walter, the chief executive of TWG Global, is not a stranger to the sports world. His portfolio includes ownership of the Los Angeles Dodgers and the Los Angeles Sparks, among other teams. Walter is also part of the ownership group for the prestigious English Premier League club, Chelsea FC. Additionally, TWG Global oversees events such as the Billie Jean King Cup in tennis and the Cadillac Formula One team, showcasing Walter’s diverse interests in sports.

While the finer details of the sale have not yet been publicly shared, Lakers legend Earvin “Magic” Johnson quickly expressed his enthusiasm over the arrangement. He took to social media platform X to assure fans, stating, “Laker fans should be ecstatic.” Johnson emphasized Walter’s commitment to excellence, winning, and the importance of investing resources to ensure success. “I can understand why Jeanie sold the team to Mark Walter because they are just alike,” Johnson added.

Johnson also pointed to Walter's role in the Dodgers' success as a promising sign for Lakers fans. Since he took over ownership, the Dodgers have clinched the World Series title twice and adopted a bold recruitment strategy that has bolstered the team, including the recent acquisition of Japanese superstar Shohei Ohtani on a jaw-dropping $700 million contract over ten years.

“Mark is the best choice and will be the best caretaker of the Laker brand,” Johnson emphasized, drawing on Walter's proven track record with the Dodgers as evidence of his capabilities.

The sale of the Lakers signifies the conclusion of an extraordinary era in the NBA, a period during which the franchise has played a pivotal role in the league's modern popularity. The Lakers were originally acquired in 1979 by the dynamic and influential Jerry Buss, who was instrumental in transforming the team into a global sports powerhouse.

Under the Buss family’s stewardship, the Lakers celebrated 11 NBA championships—an unmatched feat during their reign. This era included iconic moments such as the “Showtime” Lakers featuring Magic Johnson, and a remarkable championship streak from 2000 to 2002 led by the legendary Kobe Bryant. More recently, the Lakers have added superstar talent like LeBron James, who contributed to the team’s 17th championship win in 2020, along with a stunning move to acquire Dallas Mavericks star Luka Doncic earlier this year.

Walter's minority ownership began in 2021, when he purchased a share of the franchise that also granted him the right of first refusal to buy the team if the Buss family ever considered selling it. This sale also breaks the previous record for the highest price paid for a U.S. sports team, which was set earlier this year when the Boston Celtics were sold for $6.1 billion. This surpassed the $6.05 billion price tag that Josh Harris paid for the Washington Commanders in 2023.