The sale of the majority stake of the Los Angeles Lakers franchise to Los Angeles Dodgers owner Mark Walter was announced Wednesday morning.
However, the deal is still pending approval from the NBA Board of Governors, which is not expected to take place until the third or fourth quarter (July-December) of 2025.
“The Buss family is deeply honored to have looked after this incredible organization for almost half a century,” Jeanie Buss said in a statement. “From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning – relentlessly – and to doing so with passion and with style.
“I have gotten to know Mark very well over time and been delighted to learn how he shares those same values. For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue the Lakers’ extraordinary legacy.”
The announcement comes one week after it was reported Walter was purchasing control of the Lakers for a record-setting $10 billion valuation.
“The Lakers have long been one of the most iconic franchises in sports,” said Walter. “Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys.
“I admire what he, Jeanie and the Buss family have built, and I know how much this special organization matters to Southern Californians and to sports fans everywhere. I also have tremendous respect for Jeanie’s continued commitment to maintaining the Lakers’ long-term vision and elite status, and I’m excited to work with her on the next era.”
Walter had been a minority owner of the Lakers since 2021, and in addition to the Dodgers as well, has a stake of the Los Angeles Sparks, Billie Jean King Cup, the new Cadillac Formula 1 Team and Professional Women’s Hockey League (PWHL).
Mark Walter working with Jeanie Buss
While Walter is poised to becoming the new Lakers owner at some point in 2025, Jeanie Buss is going to remain in her role as governor of the franchise and continue to oversee all team operations on a day-to-day basis for the foreseeable future.
The news release did not specify how long Buss is going to be in charge of those duties, but reports have indicated for multiple years.
It’s an agreement Walter is said to be supportive of as the Lakers franchise transitions into a new era.
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