Mark Walter has become the majority owner of the Los Angeles Lakers after the National Basketball Association (NBA) Board of Governors approved his purchase of a controlling stake from the Buss family.
ABC News said 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.
Her father, Jerry Buss, bought the Lakers in 1979 from Jack Kent Cooke in a $67.5 million transaction. Since 1980, the Lakers have won 11 Championships, the most by any NBA team during that span.
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 an American professional basketball team based in Los Angeles (US). The Lakers compete in the National Basketball Association (NBA) as a member of the Pacific Division of the Western Conference.
The 20,000-capacity Crypto.com Arena is a multipurpose indoor arena in downtown Los Angele (US). It opened on October 17th, 1999 and serves as the home arena of the Los Angeles Lakers.
Walter said, “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.
“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.”
NBA commissioner Adam Silver added, “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.
“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.”
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.
Jeanie Buss said, “Over the past decade, I have come to know Mark well — first as a businessman, then as a friend, and now as a colleague.
“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.”
Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.
Become a member of the only Global Sports Venue Alliance and connect with stadiums, arenas and experts from around the world. Apply for membership at coliseum-online.com/alliance and make use of the 365Coliseum Business.