Topline
The National Basketball Association approved the $10 billion sale of the Los Angeles Lakers from the Buss family to Guggenheim Partners CEO and Los Angeles Dodgers owner Mark Walter, marking the largest acquisition in the history of sports.
Key Facts
The NBA’s board of governors unanimously approved the deal, which will provide majority interest of the Lakers to Walter.
The Buss family, which purchased the Lakers for $67.5 million in 1979, will keep a stake in the team, according to the NBA, which noted Jeanie Buss will stay as the team’s governor for at least five years after the deal is closed.
Walter will soon own the Lakers and Dodgers, the latter of which he purchased for $2.15 billion in 2012.
Walter has been a Lakers stakeholder for four years.
This is a developing story. Check back for updates.
