Walter Gains NBA Approval, Finalizes $10 Billion Purchase of Lakers
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Billionaire investor Mark Walter is now the majority owner of the Los Angeles Lakers after the NBA Board of Governors unanimously approved his takeover on Thursday.
Immediately following the vote, Walter completed the transaction with the Buss family at a franchise valuation of $10 billion, according to sources familiar with the deal.
“The Los Angeles Lakers are one of the most iconic franchises in all of sports,” Walter said in a statement. “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.”
Under the agreement, the Buss family keeps a stake of more than 15%, allowing current governor Jeanie Buss to continue running day-to-day operations for at least the next five years.
Walter’s TWG Global portfolio already controls the MLB’s Los Angeles Dodgers—scheduled to play Game 6 of the World Series on Friday in Toronto—the WNBA’s Los Angeles Sparks, tennis’ Billie Jean King Cup, the Cadillac Formula 1 team and the Professional Women’s Hockey League. He also holds a minority share of Chelsea F.C. in the English Premier League.
The $10 billion price tag surpasses the previous NBA record, set in July when Bill Chisholm bought the Boston Celtics for $6.1 billion.
Walter is familiar with record-setting deals. His $2.15 billion purchase of the Dodgers in 2012 was then a benchmark and has since proven lucrative, with current estimates placing the baseball club’s value between $6.8 billion (Forbes) and $7.73 billion (Sportico).
NBA commissioner Adam Silver welcomed Walter, noting his decade-long involvement as a Lakers minority owner and principal owner of the Sparks. “I have no doubt that he will be a committed steward of the team and a great addition to our league,” Silver said. He also praised the Buss family for 46 years of leadership and expressed satisfaction that Jeanie Buss will remain governor.
Jerry Buss purchased the Lakers, the NHL’s Los Angeles Kings and the Forum arena from Jack Kent Cooke for $67.5 million in 1979, building the foundation for the franchise’s modern era.
Source: ESPN
