Businessman Mark Walter is set to pitch his ownership bid for the Los Angeles Lakers to the NBA’s Advisory Finance Committee. The presentation is scheduled for Friday, and approval could come by the end of the month.
Details of the Bid
Walter’s bid values the franchise at approximately $10 billion. This purchase aims to secure a controlling share from the Buss family. The committee will review the offer before making its recommendation to the Board of Governors.
Timeline for Approval
- Friday: Walter presents his bid to the Advisory Finance Committee.
- Next week: The Board of Governors may vote on the bid.
Record-Setting Purchase
If approved, this acquisition will break previous records in sports franchise sales. The current record was set by Josh Harris with the Washington Commanders at $6.05 billion in 2023. Additionally, Bill Chisholm purchased the Boston Celtics for $6.1 billion in July.
Walter’s Sporting Portfolio
Mark Walter is not new to high-stakes purchases. He currently controls the Los Angeles Dodgers, valued between $6.8 billion and $7.73 billion. His portfolio also includes:
- WNBA’s Los Angeles Sparks
- Billie Jean King Cup
- Cadillac Formula 1 team
- Professional Women’s Hockey League
- Part ownership of Chelsea FC
Impact on the Buss Family
Even with this significant transition, the Buss family will retain a minority stake of over 15%. Jeanie Buss will continue her role as governor of the Lakers for the foreseeable future.
In conclusion, Walter’s ambition to acquire the Lakers could position him as one of the most significant owners in sports history, redefining the landscape of professional sports ownership. El-Balad will continue to monitor the developments surrounding this high-profile bid.
