Mark Walter has taken majority ownership of the Los Angeles Lakers following approval from the NBA Board of Governors to transfer control from the Bass family. The Lakers and the NBA announced on Thursday that the deal, originally publicized in June, is moving forward and is expected to close shortly.
As part of the agreement, Jeanie Buss will continue as the Lakers’ governor for a minimum of five years, managing daily operations “for the time being.” Her father, Jerry Buss, had purchased the Lakers in 1979. However, the primary ownership now belongs to Walter, a billionaire whose TWG Global Investment Group also controls the Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. Additionally, TWG is the majority owner of the new Cadillac F1 team set to compete next year.
The sale closed with the Lakers valued at $10 billion, marking the highest price ever for a professional sports franchise. Walter expressed pride in leading one of the most iconic sports teams, emphasizing the Lakers’ global influence and commitment to excellence. The team boasts 17 NBA Championships and a worldwide fan base, bolstered by legendary players from George Mikan to LeBron James.
Jerry Buss had originally acquired the Lakers, the NHL’s LA Kings, and the Forum Arena from Jack Kent Cooke for $67.5 million. Jeanie Buss praised Walter, highlighting her decade-long relationship with him and his dedication to bringing championships to Los Angeles, expressing excitement for the franchise’s future.
— Associated Press
Fan Take: This change marks a new chapter for a legendary franchise, blending fresh ownership with Lakers tradition. Basketball fans should watch closely, as Walter’s proven leadership in sports could propel the Lakers to even greater success on and off the court, elevating the NBA’s global stature.
