NBA Board Unanimously Approves Lakers Sale to Mark Walter
Mark Walter is set to become the controlling owner of the Los Angeles Lakers following a pivotal decision made by the NBA. On Thursday, the board of governors unanimously approved Walter’s acquisition of the franchise from the Buss family.
Details of the Lakers Sale
Walter’s purchase comes after an agreement was reached in June, valuing the Lakers at an astounding $10 billion. This marks a significant moment in sports, as it represents the highest valuation for any sports franchise globally.
Key Facts and Figures
- Buyer: Mark Walter, CEO and co-chairman of TWG Global
- Seller: Buss Family
- Sale Value: $10 billion
- Previous Ownership Duration: 46 years
- Initial Purchase Price in 1979: $67.5 million (by Dr. Jerry Buss)
- Walter’s Estimated Net Worth: $7.3 billion (Forbes)
Additionally, the agreement guarantees that Jeanie Buss will retain her position as governor for at least five years after the sale’s closure. Walter has expressed full support for this arrangement, ensuring stability within the Lakers’ leadership.
Mark Walter’s Background
At 65 years old, Walter’s portfolio extends beyond basketball. He has ownership interests in various sports franchises, including the Los Angeles Dodgers and Chelsea FC. His business acumen positions him as a significant figure in the sports industry.
Historical Context
The $10 billion sale of the Lakers surpasses the previous record of $6.1 billion held by the Boston Celtics, which was approved in August by the NBA. This historic transaction marks a new chapter for the Lakers, making it the first time in nearly half a century that the Buss family will not control the team.
With the rich history of the Lakers and Walter’s vast experience in sports management, the future looks promising for the franchise as it embarks on this new era under his ownership.
