NBA Board Approves Lakers’ Majority Stake Sale to Mark Walter
The NBA Board of Governors has officially approved the sale of a majority stake in the Los Angeles Lakers to Mark Walter. This significant transaction is expected to be finalized soon. The Buss family, who has owned the team since 1979, will maintain an interest in the franchise moving forward.
Details of the Stake Sale
Mark Walter, known for his long-standing involvement in basketball, has served as a minority owner of the Lakers. Additionally, he is the principal owner of the WNBA’s Los Angeles Sparks. His experience in both leagues positions him well as the new majority owner of the Lakers.
Ongoing Role of the Buss Family
The Buss family has been integral to the team’s identity for over four decades. Dr. Jerry Buss purchased the Lakers in 1979, and his daughter, Jeanie Buss, will continue to serve as the team’s Governor for a minimum of five years after the sale.
Commissioner’s Remarks
NBA Commissioner Adam Silver expressed confidence in Walter’s leadership. He praised Walter’s commitment to the team and noted his successful track record in business and sport. Silver also acknowledged the Buss family’s transformational service over the years and emphasized their ongoing role in the franchise.
- New Majority Owner: Mark Walter
- Previous Ownership: Buss family since 1979
- Jeanie Buss’s Role: Governor for at least five years
- Deputy Role: Walter’s background includes minority owner of the Lakers and owner of the Sparks
- Commissioner’s Statement: Confidence in Walter’s stewardship and gratitude towards the Buss family
This transition marks a historic moment for the Los Angeles Lakers, ensuring the continued legacy of the Buss family while ushering in a new era under Mark Walter’s leadership.
