Few people in NBA history understand what it takes to make the Los Angeles Lakers successful better than Magic Johnson, and the legendary former point guard is "ecstatic" about the reported sale to Mark Walter.

Magic Johnson was last a member of the Lakers organization in 2019, when he stepped down as president of basketball operations. He helped put up the money for Walter's controlling stake in the Los Angeles Dodgers at a value of $2 billion.

The Boston Celtics were the last NBA team to be sold when they struck a deal with a group led by Bill Chisholm earlier this year. The group purchased the Celtics for $6.05 billion, which set an NBA record. Controlling ownership of both the Phoenix Suns and Dallas Mavericks were sold in recent years, too.