Businessman Mark Walter’s acquisition of the majority ownership stake of the Los Angeles Lakers, in a deal that puts the franchise valuation at $10 billion, is expected to close in the third or fourth

The Buss family have agreed to sell a majority stake in the Los Angeles Lakers to TWG Global CEO Mark Walter, the two parties confirmed on Wednesday, while adding that Jeanie Buss will remain governor of the storied NBA franchise.

Jerry Buss, Jeanie's father, originally purchased the franchise in 1979, and the family has remained in control of the team for the last 46 years. Walter purchased a minority stake in 2021 before last week's agreement to acquire the majority stake for a franchise valuation of approximately $10 billion.