NBA approves sale of Lakers majority interest to Mark Walter – NBC Los Angeles

The NBA Board of Governors unanimously approved the sale of the majority interest in the Los Angeles Lakers to businessman Mark Walter, the league said Thursday.

The transaction is expected to close soon, which would mark a significant change for a storied franchise that has been majority owned by the Buss family since 1979. The Buss family will retain an ongoing interest and Jeanie Buss will still be the team’s governor for at least five years after the transaction closes, the league statement said.

Billionaire businessman, investor and philanthropist Walter is the controlling owner of the Los Angeles Dodgers, which he purchased in 2012. He’s also the owner of the Professional Women’s Hockey League and CEO of Guggenheim Partners, an investment and advisory firm.

He also owns part of the Sparks and Chelsea Football Club.

“Mark Walter has a long association with our leagues, having served as a minority owner of the Lakers as the principal owner of the WNBA’s Sparks for more than a decade,” NBA Commissioner Adam Silver said. “As Mark assumes his role as majority owner of the Lakers, I have no doubt that he will be a committed steward of the team and a great addition to our league given his many successful ventures in business and sports.

“I also want to thank and congratulate Jeanie Buss and the Buss family for the 46 years of transformational leadership and service. While this historic transaction transfers the Buss family’s majority interest in the Lakers, I am thrilled that Jeanie will remain the team’s governor and an active an engaged member of our league.”

Walter inherits a team in search of its 18th NBA title with a young superstar in Luka Doncic and veteran LeBron James at the tail end of his career. James, 40, has yet to make an announcement about his future beyond his 23rd season in the league.

The Lakers are 3-2 this season after a first-round exit in last year’s playoffs.

“The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness,” Walter said. “Few teams carry the legacy and global influence of the Lakers, and it’s a privilege to work alongside Jeanie Buss as we maintain that excellence and set the standard for success in this new era, both on and off the court.”

Buss confirmed in June that the team was being sold to Walter, pending league approval. The deal, first reported by ESPN, has a valuation of about $10 billion, a source told NBCLA.

Jerry Buss bought the Lakers for $67.5 million in 1979. 

“Over the past decade, I have come to know Mark well—first as a businessman, then as a friend and now as a colleague,” said Buss. “He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and, on behalf of Lakers fans everywhere, I am beyond excited about what our future has in store.”