The NBA Board of Governors this Thursday unanimously approved the sale of Los Angeles Lakers to the businessman Mark Walterand agreement valued at 10 billion dollars and? “It is expected to close shortly”according to the league.
“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 Sparks for more than a decade.”NBA Commissioner Adam Silver said in a statement.
Walter reached an agreement last June with the Buss family, owners of the Lakers since 1979, to acquire a majority stake in the franchise in exchange for $10 billion. No other franchise in the NBA had gone so long without changing hands.
However, the sale of NBA teams requires the approval of the league commissioner and the Board of Governors.
The NBA added that the Buss family will retain a continuing interest and Jeannie Buss will remain the team's governor for a period of at least five years following the closing of the transaction.
“While this historic transaction transfers the Buss family's majority ownership of the Lakers, I am delighted that Jeanie will remain the team's Governor and an active and committed member of our league,” Silver added in the statement.
Mark Walter is the CEO and president of the investment company TWG Global and has stakes in several sports teams, such as the Los Angeles Dodgers of the MLB, the Los Angeles Sparks of the WNBA or the Cadillac Formula 1 team, which debuts in 2026.
She also has a stake in Chelsea and the PWHL, the United States women's ice hockey league.
As of 2021, Walter controlled 21% of the Lakers and had the right of first refusal on any offer to sell the franchise..
Jerry Buss bought the Lakers in 1979 for $67.5 million in a package that included the NHL's Los Angeles Kings and the former arena, the Los Angeles Forum.
In 2013, with the death of the patriarch, the franchise passed to his children, with Jeanie Buss taking over.
The Lakers have won 11 of their 17 NBA rings with the Buss family, the most successful franchise in that time period.
