Mark Walter to Acquire Controlling Interest in Los Angeles Lakers
In a significant development for the Los Angeles Lakers, businessman Mark Walter is set to take a controlling interest in the franchise, which is valued at $10 billion. This transaction is anticipated to be finalized in the latter part of this year, either in the third or fourth quarter.
Walter, who has held a minority stake in the Lakers since 2021, will collaborate closely with Jeanie Buss, the current governor of the team, whose family has owned it for an impressive 46 years. Buss has confirmed she will continue to manage the team’s daily operations.
Commitment to the Lakers’ Legacy
Reflecting on the family’s long-standing commitment to the franchise, Jeanie Buss stated,
“From the day our father purchased the Lakers, we have been dedicated to providing the City of Los Angeles with a winning team, fueled by passion and style.”
She expressed her enthusiasm about working alongside Walter, emphasizing their shared values and mutual respect developed over the past four years as partners.
Mark Walter, who serves as chairman and CEO of TWG Global, is a prominent figure in various sporting franchises, also holding stakes in the Los Angeles Dodgers and the WNBA’s Los Angeles Sparks, along with affiliations in other sporting organizations such as the Billie Jean King Cup and the Professional Women’s Hockey League.
Walter praised the Lakers for their longstanding legacy in professional sports, noting,
“Since Dr. Jerry Buss acquired the team in 1979, they have set a precedent in basketball, recognizable by fans across the globe wearing Lakers merchandise.”
Recent Trends in NBA Franchise Sales
This sale agreement follows a notable offseason for NBA franchises, as just a few months prior, the Boston Celtics were in talks for a record-breaking acquisition valued at $6.1 billion, proposing to surpass the previous record set by the Washington Commanders sale at $6.05 billion. The Celtics’ deal, however, still awaits final approval from the NBA’s board of governors before it can be officially completed.
