NBA approves $10 billion Los Angeles Lakers sale to Mark Walter

LOS ANGELES (AP) — Mark Walter is the majority owner of the Los Angeles Lakers after the NBA Board of Governors approved his purchase of a controlling stake from the Buss family.

The Lakers and the league confirmed the next step Thursday in a transaction that is expected to close shortly. The sale of the NBA’s most valuable franchise was initially announced in June.

Jeanie Buss will remain the Lakers’ governor under the deal for at least the next five years, and she will oversee day-to-day operations “for the foreseeable future,” the team said. Her father, Jerry Buss, bought the Lakers in 1979.

But the Lakers are now primarily owned by Walter, the billionaire who is the controlling owner of the Los Angeles Dodgers and the WNBA’s Los Angeles Sparks among his numerous sports investments. His TWG Global holding company is also the majority owner of the new Cadillac Formula 1 team, which begins competition next year.

Walter bought a 27% minority stake in the Lakers in 2021 before the current sale, which was completed with a franchise valuation of $10 billion — the highest ever set for a pro sports team.

“The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness,” Walter said in a statement. “Few teams carry the legacy and global influence of the Lakers, and it’s a privilege to work alongside Jeanie Buss as we maintain that excellence and set the standard for success in this new era, both on and off the court.”

The Lakers have won 17 NBA championships and built a worldwide fan base through decades of consistent winning with many of the most famous players in basketball history, from George Mikan to LeBron James.

“Mark Walter has a long association with our leagues, having served as a minority owner of the Lakers and as the principal owner of the WNBA’s Sparks for more than a decade,” NBA commissioner Adam Silver said. “As Mark assumes his role as majority owner of the Lakers, I have no doubt that he will be a committed steward of the team and a great addition to our league given his many successful ventures in business and sports.”

Jerry Buss bought the Lakers, the NHL’s Los Angeles Kings and the Forum arena from Jack Kent Cooke for $67.5 million.

Silver said he is “thrilled” that Jeanie Buss will remain “an active and engaged member of our league.”

Lakers fans are hoping Walter can match his success with Los Angeles’ other traditional marquee sports franchise.

Since Walter took over the Dodgers in 2012, the team has made 13 consecutive playoff appearances while winning five NL pennants and two World Series titles. The Dodgers will play Game 6 of the current World Series on Friday night in Toronto.

“Over the past decade, I have come to know Mark well — first as a businessman, then as a friend, and now as a colleague,” Jeanie Buss said. “He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and on behalf of Lakers fans everywhere, I am beyond excited about what our future has in store.”

___

NBA AP: https://apnews.com/NBA