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 Buss family's decision to sell a controlling stake in the Los Angeles Lakers at an eye-popping franchise valuation of $10 billion marks the end of nearly a half-century when one of the most valuable properties in the sports world was run by an eccentric father and his sometimes squabbling children.