Billionaire businessman Mark Walter was unanimously approved as the new majority owner of the Los Angeles Lakers by the NBA Board of Governors on Thursday.
Walter then immediately closed on the sale of the franchise from the Buss family at a $10 billion valuation, sources told ESPN.
“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 in a statement. “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.”
Walter now has one the most valuable collections of professional sports franchises in the world. His TWG Global investment group is the controlling owner of the Los Angeles Dodgers, who will play Game 6 of the World Series Friday night in Toronto. The group also owns the WNBA’s Los Angeles Sparks, tennis’ Billie Jean King Cup, the Cadillac Formula 1 team and the Professional Women’s Hockey League. He is a part owner of Chelsea F.C. of the English Premier League.
The Buss family will retain a minority ownership stake in the team of more than 15%, allowing current Lakers Governor Jeanie Buss to remain in her role for at least the next five years. She will oversee day-to-day operations “for the foreseeable future,” the team said.
“Over the past decade, I have come to know Mark well — first as a businessman, then as a friend and now as a colleague,” Buss said in her statement. “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.”
The $10 billion valuation and purchase of the Lakers shatters the record set by Bill Chisholm’s $6.1 billion purchase of the Boston Celtics in July.
Walter is no stranger to record-breaking purchases. His $2.15 billion purchase of the Dodgers in 2012 turned heads at the time, but it has since proved prescient as the Dodgers are now valued between $6.8 billion (Forbes) and $7.73 billion (Sportico).
“Mark Walter has a long association with our leagues, having served as a minority owner of the Lakers and as the 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.
“I also want to thank and congratulate Jeanie Buss and the Buss family for 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 and engaged member of our league.”
Jerry Buss bought the Lakers, the NHL’s Los Angeles Kings and the Forum arena from Jack Kent Cooke for $67.5 million.
The Associated Press contributed to this report.