The NBA board of governors unanimously approved Mark Walter’s bid to buy a majority stake in the Lakers on Thursday, the league announced, marking a major shift for one of L.A.’s most significant sports teams.
The Lakers had been a family-run team since Dr. Jerry Buss bought the franchise in 1979. When he died in 2013, control went into a family trust with daughter Jeanie Buss acting as the team’s governor. The Buss family built the team into one of the most recognizable brands in sports, eventually attracting a record-breaking $10-billion valuation. While the sale was finalized, Jeanie Buss will be 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 group that owns 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 the team as a governor, a minority owner must have at least 15% stake of their team. Buss will continue to oversee day-to-day team operations for the foreseeable future, the Lakers announced.
“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 one finger up to show off a gaudy Lakers championship ring. In 2020, she became the first female controlling owner to win an NBA championship as the Lakers collected their 17th title.
With 11 championships under the Buss family’s watch, the Lakers became a global sports phenomenon with stars including Kareem Abdul-Jabbar, Magic Johnson, Shaquille O’Neal and Kobe Bryant plus the latest wave of 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.
This story originally appeared on LA Times
