NBA Sanctions Walter’s Majority Stake in the Lakers

In a significant move for the NBA, Mark Walter has acquired the majority stake in the Los Angeles Lakers, a deal approved by the NBA Board of Governors. This transaction, which is set to be finalized soon, marks a pivotal moment in the history of one of the league’s most iconic franchises.

Details of the Ownership Change

Walter, a billionaire investor and owner of TWG Global, purchased the controlling stake from the Buss family. The sale, first announced in June, values the Lakers at an unprecedented $10 billion, the highest for any professional sports team.

Continued Leadership by Jeanie Buss

• Jeanie Buss will continue as the team’s governor for at least the next five years.
• She will oversee daily operations moving forward.

Jeanie Buss’s father, Jerry Buss, originally purchased the Lakers in 1979 for $67.5 million, alongside the NHL’s Los Angeles Kings and the Forum arena.

Walter expressed his enthusiasm for leading the franchise, emphasizing the Lakers’ legacy of excellence. “The Los Angeles Lakers are one of the most iconic franchises in all of sports,” he stated. His collaboration with Jeanie Buss aims to uphold the team’s commitment to success both on and off the court.

A Legacy of Success

With 17 NBA championships, the Lakers have created a global fan base through decades of winning. From basketball legends like George Mikan to current star LeBron James, the team has a storied history.

Jeanie Buss spoke fondly of her long-standing relationship with Walter, recognizing his dedication to the team and the city of Los Angeles. “He has demonstrated time and time again his commitment to bringing championships to Los Angeles,” she noted, highlighting the promising future ahead for the franchise.