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Investing.com -- The Buss family is set to sell majority ownership of the Los Angeles Lakers to Mark Walter at a valuation of approximately $10 billion, according to ESPN, citing sources.
This transaction will become the largest sale of a U.S. professional sports team in history.
Jeanie Buss will maintain her position as Lakers governor after the sale is completed. Walter, who serves as CEO and chairman of TWG Global, a diversified holding company, already has stakes in several professional sports organizations including the Los Angeles Dodgers, Los Angeles Sparks, the Billie Jean Cup, Cadillac Formula 1 team, and the Professional Women’s Hockey League.
The Buss family has owned the Lakers since 1979, when Jerry Buss acquired the franchise from Jack Kent Cooke for $67.5 million. The Lakers have been highly successful under Buss family ownership, winning 11 NBA championships since 1980, more than any other NBA team during this period.
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