Mark Walter is on the verge of becoming the controlling owner of the Los Angeles Lakers. The NBA’s board of governors unanimously approved the sale of the franchise from the Buss family to Walter. This announcement was made on Thursday, with expectations for the transaction to close “shortly.”
Details of the Sale
The Buss family agreed to sell their majority ownership stake in the Lakers to Walter in June. The total valuation for the franchise is set at an astounding $10 billion. This sale will be historic, marking the highest price ever paid for a sports franchise globally.
For context, the previous record was $6.1 billion, paid for the Boston Celtics in August by a group led by Bill Chisholm.
Terms of Agreement
- The Buss family will retain governance of the team, particularly Jeanie Buss.
- Jeanie Buss will remain as governor for at least five years after the sale’s closing.
- Walter has expressed full support for Jeanie’s continued leadership.
Background on Mark Walter
Mark Walter serves as the CEO and co-chairman of TWG Global, a multinational holding company. At 65 years old, he boasts an estimated net worth of $7.3 billion, according to Forbes. Walter’s investments span various sports franchises, including the Los Angeles Dodgers, Los Angeles Sparks, Chelsea FC, and the Professional Women’s Hockey League.
Historical Significance
This sale signifies a monumental shift for the Lakers, as it will be the first time in 46 years that the Buss family does not hold controlling ownership. In 1979, Dr. Jerry Buss purchased the Lakers from Jack Kent Cooke for $67.5 million, a sum that pales in comparison to the current valuation.
Looking Ahead
As the final steps of this historic sale unfold, the basketball world watches closely. Mark Walter’s ownership could bring new dynamics to the Lakers, one of the most storied franchises in NBA history.
