Mark Walter has become the majority owner of the Los Angeles Lakers after receiving approval from the NBA Board of Governors for his purchase of a controlling stake from the Buss family. The transaction, which was initially announced in June, is expected to close soon, according to statements from both the team and the league.
Under the terms of the deal, Jeanie Buss will continue as governor of the Lakers for at least five more years and will oversee day-to-day operations. Jerry Buss, her father, had acquired the Lakers in 1979.
Walter is known for his extensive involvement in sports ownership. He is already the controlling owner of Major League Baseball’s Los Angeles Dodgers and owns a majority share in the WNBA’s Los Angeles Sparks. His company, TWG Global, also holds a majority stake in Cadillac’s new Formula 1 team set to debut next year.
Walter previously bought a 27% minority interest in the Lakers in 2021. The current sale values the franchise at $10 billion, marking it as the most valuable professional sports team ever sold.
In a statement released Thursday, 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.”
The Lakers have won 17 NBA championships and have developed an international fan base over several decades with star players ranging from George Mikan to LeBron James.
NBA commissioner Adam Silver commented on Walter’s expanded role: “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.” Silver also expressed satisfaction that Jeanie Buss would remain involved with league activities.
Jerry Buss originally purchased not only the Lakers but also NHL’s Los Angeles Kings and The Forum arena from Jack Kent Cooke for $67.5 million.
Fans are looking toward Walter’s track record with optimism; since he took control of baseball’s Dodgers in 2012, they have reached postseason play every year while securing five National League pennants and two World Series titles.
Jeanie Buss added: “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.”
