Walter has been a stakeholder in the Lakers since 2021, when he purchased Phil Anschutz's share of 26%. That also was when Walter received a right of first refusal on the majority share of the team.

The Buss family will keep a minority share of the team, just over 15%, for a period of time, a source said.

In addition, Jeanie Buss will remain the Lakers' governor and continue to run the team for "at least a number of years," sources with knowledge of the deal told ESPN's Ramona Shelburne. It was guaranteed as part of the agreement that Buss would remain in charge for the foreseeable future, and Walter fully endorsed this plan, according to sources.