Walter, the CEO of TWG Global and Guggenheim Baseball Management, would become the majority owner with Jeanie Buss reportedly remaining in her role as Lakers governor. The Lakers have been owned

It was becoming hard for the Buss' to keep this a family business as the spending needed to compete gets higher and higher.

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.