Mark Walter, Los Angeles Lakers sale, Jeanie Buss, Los Angeles Dodgers
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Mark Walter had previously owned a small percentage of the Los Angeles Lakers, but will now take the controlling stake in the franchise with the sale becoming official.
It’s official.The Buss family has soldtheir majority ownershipshare of the Los AngelesLakers to Mark Walter, the current controlling owner of the Los Angeles Dodgers.
While news ofWalter’s purchase, or at least his initial steps in making the record-breaking deal, came months ago, the NBA Board of Governors has now made the sale official.According to a statementmade by the league and commissioner Adam Silver, Walter will become the new majority ownerof the Lakers.
“The NBA Board of Governors has unanimously approved the sale of the majority interest in the Los Angeles Lakers to Mark Walter. The transactionis expected to close shortly,”the league said in its statement.
NBA Communications
The NBA Board of Governors has unanimously approved the sale of the majority interest in the Los Angeles Lakers to Mark Walter.
“The Buss family, which has owned a majority stake in the Lakers since Dr. Jerry Buss bought the team in 1979, will retain an ongoing interest. Jeanie Buss will remain theteam’s Governor for a period of at least five years following the closing of the transaction.”
BeforeWalter’s purchase, Jeanie Buss had been leading the team since Dr. Jerry Buss died in 2013. The Buss family, specifically under the patriarch, led the Lakers to the most championships in any American sports league by a single ownership group.
Lakers Sale To Mark Walter Official
The newsof theLakers’ salebecoming official to Walterisn’t the biggest shock, as the unanimous vote to allow his purchaseisn’t the only one in the past few months.In August, the Board of Governors also unanimously voted to approve the sale of the Boston Celtics to Bill Chisholm.
The sale of both the Lakers and Celtics marks a uniquepoint at which the two teams’winning45% of theleague’s total titles are changing hands ina span of underfour months.
Walter, though, remains a worthy candidate to take over the historic Lakers franchise.He’s led the Dodgers to legendary heights at the helm and has been an owner of theWNBA’sLos Angeles Sparks fora number of years.
“Mark Walter has a long association with our leagues, having served as a minority owner of the Lakers and as the principal owner of theWNBA’s Sparks for more than a decade,”Silver said in the statement. “As Mark assumes his role as majority owner of the Lakers, I have no doubt that he will be a committed steward of the team and a great addition to our league given his many successful ventures in business and sports.”
The official valuation ofWalter’s purchase put the Lakers at $10 billion, the most for a sale in professional sports history.According to the most recentdata by Forbes, the Lakers are now the most valuable NBA team, surpassing the Golden State Warriors,and only behind the Dallas Cowboys, Los Angeles Rams, and New York Giants of the NFL.
Buss’ Dynasty Comes To An End
While Walter comes in as a billionaire with a stronghistory of putting his teams in winning positions, the sale likelywon’t contribute to a lack of success on theLakers’ front. However, his arrival doesmean the end of theBuss’ ownership tenure, one in which they won 11 NBA titles since 1979.
“I also want to thank and congratulate Jeanie Buss and the Buss family for 46 years of transformational leadership and service,”Silver added in the statement. “While this historic transaction transfers the Bussfamily’s majority interest in the Lakers, I am thrilled that Jeanie will remain theteam’s Governor and an active and engaged member of our league.”
Dave McMenamin
The sale of the Lakers has gone through. Adam Silver says in a statement that Jeanie Buss will remain an “active and engaged member” of the NBA as the team’s governor.
Whether it be the ‘Showtime Lakers’, the ShaquilleO’Neal and Kobe Bryant era, or LeBronJames’ historic late-career run, the Buss family has beenup front and a key part of some of thebiggest moments in NBA history.While the currentgovernor, Jeanie, willstay on in herrole over the next few years, she has already expressed her hope for the team under Walter.
“I have gotten to know Mark very well over time and been delighted to learn how he shares those same values,”Buss said in a previously made statement on the sale. “For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue theLakers’ extraordinary legacy.”
Walter had previously owned a smallpercentage of the Lakers, but will now takethe controlling stake in the franchise with the sale becoming official.