LOS ANGELES (AP) — Mark Walter is the majority owner of the Los Angeles Lakers after the NBA Board of Governors approved his purchase of a controlling stake from the Buss family.
The Lakers and the league confirmed the next step Thursday in a transaction that is expected to close shortly. The sale of the NBA's most valuable franchise was initially announced in June.
Jeanie Buss will remain the Lakers' governor under the deal for at least the next five years, and she will oversee day-to-day operations "for the foreseeable future," the team said. Her father, Jerry Buss, bought the Lakers in 1979.
But the Lakers are now primarily owned by Walter, the billionaire whose TWG Global investment group owns the Los Angeles Dodgers and the WNBA's Los Angeles Sparks. The group is also the majority owner of the new Cadillac Formula 1 team, which begins competition next year.
The Lakers sale was completed with a franchise valuation of $10 billion, the highest ever set for a pro sports team.
"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."
The Lakers have won 17 NBA championships and built a worldwide fan base through decades of consistent winning with many of the most famous players in basketball history, from George Mikan to LeBron James.
Jerry Buss bought the Lakers, the NHL's Los Angeles Kings and the Forum arena from Jack Kent Cooke for $67.5 million.
"Over the past decade, I have come to know Mark well — first as a businessman, then as a friend, and now as a colleague," Jeanie Buss said. "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."
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