Mark Walter has officially become the majority owner of the Los Angeles Lakers following the approval from the NBA Board of Governors. This decision comes after Walter’s acquisition of a controlling stake from the Buss family, as confirmed by both the team and the league. The transaction is expected to finalize soon.
Details of the Transaction
The announcement about the sale was made back in June. The Lakers are now valued at an unprecedented $10 billion, marking the highest valuation ever for a professional sports franchise.
Continued Leadership
Jeanie Buss will continue her role as the Lakers’ governor for at least the next five years. She will also manage the day-to-day operations of the team moving forward. Jeanie’s father, Jerry Buss, originally purchased the Lakers in 1979 for $67.5 million.
Mark Walter’s Background
- Mark Walter is a billionaire businessman.
- His investment group, TWG Global, also owns the Los Angeles Dodgers and the Los Angeles Sparks of the WNBA.
- Walter’s group is the majority owner of the new Cadillac Formula 1 team, set to begin competition next year.
The Lakers’ Legacy
The Lakers are recognized as one of the most iconic franchises in sports, boasting a rich history defined by excellence. They have secured 17 NBA championships and cultivated a global fan base thanks to their consistent winning tradition and legendary players.
“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 stated. He expressed his commitment to maintaining the Lakers’ legacy in collaboration with Jeanie Buss.
Future Aspirations
Jeanie Buss praised Walter for his commitment and vision for the franchise. “He has demonstrated time and time again his dedication to bringing championships to Los Angeles,” she remarked, expressing enthusiasm for the team’s future under his ownership.
