NBA Approves LA Lakers Sale to Dodgers Owner Mark Walter
The Los Angeles Lakers are set to undergo a significant ownership change as the NBA approved the sale of the franchise to Mark Walter, CEO and co-chairman of TWG Global and current owner of the Los Angeles Dodgers. This transaction will mark the end of the Buss family’s four-decade reign as the team’s majority owner.
NBA Ownership Transition: Key Facts
The transaction is expected to close shortly, with the Buss family retaining an ongoing interest in the Lakers. Adam Silver, the NBA commissioner, expressed confidence in Walter’s commitment to the team and the league. Walter has had a long association with basketball, previously serving as a minority owner of the Lakers and the principal owner of the WNBA’s Los Angeles Sparks for over ten years.
Historical Ownership Overview
The Lakers were initially purchased by Dr. Jerry Buss in 1979 for $67.5 million. Under his leadership, the team achieved remarkable success, winning ten NBA championships across 16 appearances before his passing in 2013. Following his death, the management of the team was placed into a family trust, with Jeanie Buss assuming the role of Governor.
Future Leadership Plans
- Jeanie Buss will remain the team’s Governor for a minimum of five years after the sale.
- Adam Silver thanked the Buss family for their 46 years of service and leadership.
- The transition signifies both continuity and change within the Lakers’ organization.
This change in ownership is a notable moment in the team’s history, reflecting both the legacy of the Buss family and the future under Walter’s leadership. The Lakers’ global fan base can anticipate continued commitment to excellence in sports management and team performance.
