LOS ANGELES — Mark Walter is almost all proprietor of the Los Angeles Lakers after the NBA Board of Governors accredited his buy of a controlling stake from the Buss household.
The Lakers and the league confirmed the subsequent step Thursday in a transaction that’s anticipated to shut shortly. The sale of the NBA’s most dear franchise was initially introduced in June.
Jeanie Buss will stay the Lakers’ governor underneath the deal for at the least the subsequent 5 years, and she is going to oversee day-to-day operations “for the foreseeable future,” the workforce mentioned. Her father, Jerry Buss, purchased the Lakers in 1979.
However the Lakers at the moment are primarily owned by Walter, the billionaire whose TWG World funding group owns the Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. The group can also be the bulk proprietor of the brand new Cadillac Method 1 workforce, which begins competitors subsequent 12 months.
The Lakers sale was accomplished with a franchise valuation of $10 billion, the best ever set for a professional sports activities workforce.
“The Los Angeles Lakers are some of the iconic franchises in all of sports activities, outlined by a historical past of excellence and the relentless pursuit of greatness,” Walter mentioned in an announcement. “Few groups carry the legacy and international affect of the Lakers, and it is a privilege to work alongside Jeanie Buss as we keep that excellence and set the usual for achievement on this new period, each on and off the courtroom.”
The Lakers have received 17 NBA championships and constructed a worldwide fan base by way of many years of constant successful with lots of the most well-known gamers in basketball historical past, from George Mikan to LeBron James.
Jerry Buss purchased the Lakers, the NHL’s Los Angeles Kings and the Discussion board area from Jack Kent Cooke for $67.5 million.
“Over the previous decade, I’ve come to know Mark nicely — first as a businessman, then as a good friend, and now as a colleague,” Jeanie Buss mentioned. “He has demonstrated time and time once more his dedication to bringing championships to Los Angeles, and on behalf of Lakers followers in every single place, I’m past enthusiastic about what our future has in retailer.”