Magic Johnson loves that Jeanie Buss will continue to serve as Governor of the Los Angeles Lakers after the sale to Mark ...

Buss Family and Walters Make Official Statements The Buss family will sell the controlling interest of the franchise that their father, Dr. Jerry Buss, bought in 1979 for $67.5 million.

Now, Buss and Walter have come out and announced the sale themselves, meaning that once everything is made official, the Lakers will not be owned by the Buss family for the first time since 1979.

The Buss Family owned 66% of the franchise. Their father, Dr. Jerry Buss — who purchased the team in 1979 — set it up so that his children had the final say in a sale.

The Lakers won their 11th title while under Buss family control in 2020, the franchise's most recent championship. AP Sports Writers Beth Harris and John Wawrow contributed to this report.

Walter also expressed his appreciation to the Buss family for the work they’ve done with the team. “The Lakers have long been one of the most iconic franchises in sports,” said Walter.