While the Los Angeles Dodgers are looking to repeat as World Series champions, owner Mark Walter is also inching closer to taking over the Los Angeles Lakers from Jeanie Buss.
Earlier this year, news broke that Walter reached an agreement to purchase a majority stake of the Lakers franchise from the Buss family. Walter reportedly is taking over the Lakers at a valuation of $10 billion, making it the largest purchase in sports history.
While the deal was announced in June, Walter was not projected to become the new Lakers owner until closer to the end of this year.
Nevertheless, he took a step toward getting approved by the NBA board of governors through a presentation last weekend, according to Ramona Shelburne of ESPN:
Businessman Mark Walter is scheduled to present his bid to acquire the Los Angeles Lakers to the NBA’s Advisory Finance Committee on Friday and could be approved as the franchise’s new majority owner by the end of the month, sources with knowledge of the process told ESPN.
The committee will review Walter’s bid at a $10 billion valuation to buy a controlling share of the franchise from the Buss family and then make a recommendation to the Board of Governors, which could vote on whether to approve Walter as soon as the end of next week, sources said.
Walter’s installation would mark an official change in the Lakers ownership structure and provide the team with more resources to compete moving forward. While Walter agreed to keep Jeanie Buss on as governor for the next few years, his presence should lead to meaningful changes in and around the organization.
Among other successful ventures, Walter is renowned for his financial commitment allowing the Dodgers to annually field a highly competitive roster that competes for the World Series. The hope is Walter’s finances will bolster the Lakers franchise and level the playing field with the other teams that have pulled ahead in that area.
Dave Roberts defends Mark Walter
The Dodgers’ significant payroll and spending has drawn criticism from outside parties and fueled speculation, if not calls for, an MLB salary cap.
Manager Dave Roberts recently came to Walter’s defense, citing his competitive spirit as something other owners should aspire to match.
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