The End of a Family Era: Lakers' Deal Explained

The Buss family, architects of 11 National Basketball Association (NBA) championships, is poised to relinquish their over four-decade reign over the Los Angeles Lakers, after reaching an agreement to sell a majority stake in basketball's most glamorous franchise.

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The following is the breakdown of the deal.

WHAT IS AT STAKE?

Lakers minority owner Mark Walter is set to take majority ownership in a deal valuing the Lakers at about US$10 billion (S$12.8 billion), making it the most expensive United States sports team valuation in history.

The deal will end family control of the Lakers.

The Buss family will retain a minority share of just over 15 per cent for a period of time after the deal, ESPN reported, bringing to a close its stewardship of a franchise that became synonymous with Hollywood allure and championship excellence.

Reuters could not immediately ascertain what Walter's new stake in the team would be. He purchased a minority stake in the Lakers with Todd Boehly in 2021.

The previous record for biggest sports deal was held by another NBA team, the Boston Celtics, who agreed in March to be sold for US$6.1 billion.

WHO ARE THE LAKERS?