The NBA Board of Governors unanimously approved the sale of a majority interest in the Los Angeles Lakers franchise to Los Angeles Dodgers owner Mark Walter. The transaction being finalized amounts to Walter officially taking over the Lakers from the Buss family.
“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.”
Although Walter is taking over as the new Lakers owner, Jeanie Buss is going to remain governor of the storied NBA franchise and continue to oversee day-to-day team operations for the foreseeable future. According to multiple reports, Buss is expected to remain in that role for a minimum of five years.
According to the Lakers statement, Buss’ continued leadership reflects Walter’s view that professional sports are an unsurpassed global platform for inspiring performance, purpose, and community.
“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. “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.”
In addition to being a primary owner of the Dodgers and Lakers, Walter holds controlling interests in the WNBA’s Los Angeles Sparks, and stakes in Chelsea F.C., Cadillac Formula 1 Team via TWG Global, Professional Women’s Hockey League, and has a substantial investment in the Billie Jean King Cup, the women’s World Cup of Tennis.
Todd Boehly joins Mark Walter in Lakers ownership group
Walter’s business partner and co-Dodgers owner under Guggenheim Baseball Management, Todd Boehly, also is involved in the Lakers sale. Boehly already had been a minority owner of the Lakers.
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