The NBA Board of Governors unanimously approved Mark Walter’s bid to buy a majority stake in the Lakers on Thursday, marking a major shift for one of Los Angeles’ most prominent sports franchises.
The Lakers had been a family-run team since Dr. Jerry Buss bought the franchise in 1979. When he died in 2013, control passed to a family trust with daughter Jeanie Buss serving as the team’s governor. The Buss family built the Lakers into one of the most recognizable brands in sports, eventually reaching a record-breaking $10 billion valuation.
Although the sale has been finalized, Jeanie Buss will remain the team’s governor for at least five years after the transaction officially closes, the league announcement stated.
“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.”
Walter, who also heads the ownership group behind the Dodgers and the Sparks, was seated next to Buss at the Lakers’ season opener on Oct. 21. Walter and Todd Boehly have been minority stakeholders in the Lakers since 2021, when they bought 27% of the franchise.
To represent a team as governor, a minority owner must hold at least a 15% stake. Buss will continue to oversee day-to-day team operations for the foreseeable future, the Lakers said.
“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 a 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.”
During a recent Lakers game, when the camera panned to Buss and Walter sitting courtside, Buss held up one finger to show off a championship ring. In 2020, she became the first female controlling owner to win an NBA title as the Lakers claimed their 17th championship.
Under the Buss family’s leadership, the Lakers won 11 championships and became a global sports phenomenon with stars including Kareem Abdul-Jabbar, Magic Johnson, Shaquille O’Neal and Kobe Bryant - and now LeBron James and Luka Doncic. When Doncic signed a three-year, $165 million contract extension in August, the 26-year-old superstar thanked both Walter and Buss for their belief in his talent.