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NBA approves Buss family sale of Lakers to Dodgers majority owner Mark Walter
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The NBA board of governors unanimously approved Mark Walter’s bid to buy a majority stake in the Lakers on Thursday, the league announced, marking a major shift for one of L.A.’s most significant sports teams.
The Lakers had been a family-run team since Dr. Jerry Buss bought the franchise in 1979. When he died in 2013, control went into a family trust with daughter, Jeanie Buss, acting as the team’s governor. The Buss family built the team into one of the most recognizable brands in sports, eventually attracting a record-breaking $10-billion valuation. While the sale was approved, Jeanie Buss will remain the team’s governor for at least five years after the transaction officially closes, the league announcement stated.
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Lakers sale to Mark Walter gets massive update
The post Lakers sale to Mark Walter gets massive update appeared first on ClutchPoints.
Over the summer, it was announced that the Buss family would be selling its majority stake in the Los Angeles Lakers to Mark Walter, with the deal yet to be finalized by the NBA. On Thursday, that final part of the process came to pass with a formal announcement from the league.
“The NBA Board of Governors has unanimously approved the sale of the majority interest in the Los Angeles Lakers to Mark Walter,” reported NBA Communications on X, formerly Twitter.
“Mark Walter has a long association with our leagues, having served as a minority owner of the Lakers and as a principal owner of the WNBA’s Sparks for more than a decade,” NBA commissioner Adam Silver said in a statement. “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.”