Mark Walter is officially the majority owner of the Los Angeles Lakers.
Moments after the sale received unanimous approval from the NBA Board of Governors, the Lakers announced Mark Walter as the new majority stakeholder in the franchise.
“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 released by the team. “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.”
Notably, Jeanie Buss will officially remain with the franchise as the governor for “at least five years,” as the NBA noted in its press release.
“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 in the statement. “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 previous instances around the league, the Board of Governors’ approval was typically the point when others who were originally set to remain in place as a governor were removed from the position.
According to the release, Buss will continue to “oversee day-to-day team operations.” Logistically, that still leaves some questions about when Walter will make decisions vs. when Buss will, but we won’t have answers for some time. Other members of the Buss family will also be sticking around, including Joey and Jesse Buss, who have established themselves as great basketball minds.
It will be worth noting now how quickly the Lakers look to make changes. Walter’s net worth is substantially greater than the Buss family’s, which means upgrades are likely to be made. Our own Bryan Toporek looked at how Walter could help the Lakers gain an edge off the court with it largely centering on beefing up the staff around the team from scouts to trainers and everything in between.
Walter has already been involved in major matters with the Lakers, including Luka Dončić’s extension discussions. With more financial muscle to flex, the purple and gold could be set for a fruitful era of Lakers basketball.