The Los Angeles Lakers are being sold in a record-breaking $10 billion deal, making the iconic franchise the highest-valued sports team in U.S. history.

ESPN reported Wednesday that the team’s owners, the Buss family, will sell their controlling interest to billionaire Mark Walter, who already holds a minority stake in the franchise.

While Jeanie Buss will continue as Lakers governor, the deal ends the Buss family’s 46-year reign over the NBA giants.

Walter is the chief executive of holding company TWG Global, which has built a portfolio of professional sports teams including the Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. He is also part of the ownership group of English Premier League side Chelsea.

TWG also owns the Billie Jean King Cup tennis tournament and the Cadillac Formula One team.

While further specifics of the deal were not disclosed, Lakers legend Earvin “Magic” Johnson — a business partner of Walter — was among the first to react to the news of the agreement.

“Laker fans should be ecstatic,” Johnson wrote on X.

“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! I can understand why Jeanie sold the team to Mark Walter because they are just alike.”

‘The best choice’

Johnson cited Walter’s ownership of the Dodgers as a reason for optimism.

The Dodgers have won the World Series twice since Walter’s ownership group took over the club and have adopted an aggressive recruitment strategy in recent years, including the signing of Japanese superstar Shohei Ohtani on a 10-year, $700 million deal.

“Mark is the best choice and will be the best caretaker of the Laker brand,” Johnson wrote. “The proof is in the pudding on what he’s been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner.”

The Buss family’s sale of the Lakers marks the end of an era in the NBA. The team’s popularity in the modern era owes much to its dominance in the 1980s.

The Lakers were bought in 1979 by charismatic tycoon Jerry Buss, who helped turn the franchise into a sports powerhouse and global brand.

The Buss era brought the Lakers 11 NBA championships — more than any other team during that span — including the “Showtime” era of Magic Johnson and a three-peat from 2000 to 2002 with Kobe Bryant.

More recently, the Lakers signed LeBron James, who led the team to its 17th championship in 2020, and stunned the league earlier this year by acquiring Dallas Mavericks star Luka Doncic.

Walter has been a minority owner of the Lakers since 2021, when he bought a share in a deal that gave him first refusal to purchase the club if the Buss family decided to sell.

The $10 billion sale shatters the previous U.S. sports franchise record of $6.1 billion, paid for the Boston Celtics earlier this year. That deal had surpassed the $6.05 billion Josh Harris paid for the Washington Commanders in 2023.