LOS ANGELES, CA — Mark Walter, the primary owner of the Los Angeles Dodgers, has finalized his $10 billion purchase of the Lakers, the team announced Thursday.
The deal was approved by a unanimous vote by the NBA Board of Governors. The $10 billion valuation of the team was the highest ever for an American sports franchise, The Athletic reported.
"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."
Jeanie Buss will remain governor of the Lakers and continue to oversee day-to-day team operations "for the foreseeable future," the team said in a release.
She will retain a 15% stake in the team, The Athletic reported.
The Buss family has been strongly associated with the Lakers since Jerry Buss purchased team in 1979 for $67.5 million in a deal that also included the NHL's Kings and The Forum. He passed the team to his children following his death in 2013.
The Lakers have thrived under the Buss family's leadership, becoming one of the most storied franchises in sports. They've captured 11 NBA championships during that span, including a three-peat from 2000 to 2002 under coach Phil Jackson and star guard Kobe Bryant, and most recently won a title in 2020.
Last season, the team made headlines again with a blockbuster trade to acquire Dallas Mavericks superstar Luka Doncic.
The Boston Celtics were the most recent NBA team to be sold, reaching a deal earlier this year with a group led by Bill Chisholm. That sale price was $6.05 billion, setting a record for an NBA franchise.
City News Service contributed to this report.