National Basketball Association team, Los Angeles Lakers, is set to be sold to American billionaire and Chelsea Football club co-owner, Mark Walter, for a record breaking deal worth $10 billion.

Based on reports by Sky Sports on Thursday, the majority shareholder, Jeanie Buss and the Buss family had agreed to sell the largest share of the Lakers franchise to Mark Walter, in a deal that jhas yet to be finalized.

Mr Walter who currently holds an approximately 27 per cent in the Lakers stake, also holds a controlling stake in other sports entities such as the Los Angeles Dodgers, Premier League club Chelsea, the Professional Women’s Hockey League and Formula 1 racing team, Cadillac ,will now control about 80 per cent of the Lakers franchise if sold to him.

The Buss family will retain a 15 per cent stake and still maintain a leadership role, as governor of the franchise.

The Los Angeles Lakers purchased by Jerry Buss, father of Ms Buss, for $67.5 million in 1979 now stands at $7 billion in market value, according to Forbes, making it the third most marketable basketball team in the NBA.

The sale of the Lakers franchise will be the most lucrative sports franchise sale in history if the deal is completed, eclipsing previous most lucrative sales of the National football League team, Washington Commanders for $6.05 billion in 2023 and premier League, Chelsea Football club sold for $5.3 billion in 2022.

Reacting to the news of the deal, a former NBA player and basketball legend Magic Johnson, who is also a business partner of Mr Walter’s congratulated Ms Buss for securing the most lucrative deal in sports history.

Mr Johnson said through his X handle, “I just talked to my sister Jeanie Buss to tell her congratulations, and that I’m so happy for her and family. I told her that her dad Dr. Buss would be very proud of her for getting $10 billion for the Lakers, the largest sports franchise sale in history!”

“Laker fans should be (ecstatic),” he added. ” 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 – they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world.”