Jerry Buss first purchased the Lakers in 1979 for $67.5 million in a deal that also included the NHL's Los Angeles Kings and The Forum in Inglewood, California. The franchise passed down to his children after he died in 2013. The Buss family has owned about two-thirds of the Lakers prior to this sale.

The family is selling a majority stake for a valuation of $10 billion to Mark Walter, who had previously owned a minority stake in the team, a source told NBCLA.