Arya News - Jeannie Buss will remain the Lakers` Governor for at least the next five years
The sale of the majority interest in the Los Angeles Lakers to Mark Walter has been unanimously approved by the NBA"s Board of Governors, the league announced on Thursday .
“Mark Walter has a long association with our leagues, having served as a minority owner of the Lakers and as the principal owner of the WNBA’s Sparks for more than a decade,” said NBA Commissioner Adam Silver.
“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.“I also want to thank and congratulate Jeanie Buss and the Buss family for 46 years of transformational leadership and service. While this historic transaction transfers the Buss family’s majority interest in the Lakers, I am thrilled that Jeanie will remain the team’s Governor and an active and engaged member of our league.”
Walter, the CEO and chairman of TWG Global , is also the primary owner and chairman of the Los Angeles Dodgers, and he owns stakes in Chelsea in the English Premier League, an F1 team and the WNBA"s Los Angeles Sparks, among other things. He held a minority stake of 26% in the Lakers prior to this transaction.
The deal has a valuation of approximately $10 billion , which makes it the largest sale of a professional sports franchise in the world. Todd Boehly, a business partner of Walter"s and co-owner of the Dodgers and English soccer team Chelsea, will be a limited partner in the Lakers.
The Buss family reportedly will keep a minority share of about 15% for at least some time. Jeanie Buss, who has been the team"s governor since 2013, will continue in that role for at least the next five years.
Jerry Buss first purchased the Lakers in 1979 for $67.5 million in a deal that also included the NHL"s Los Angeles Kings and The Forum in Inglewood, California. The franchise passed down to his children after he died in 2013. The Buss family has owned about two-thirds of the Lakers prior to this sale.
Walter and Boehly first joined the Lakers" ownership group in 2021. According to a CNBC report earlier this year, the Lakers were valued at about $7 billion, which made them the third-most valuable NBA team behind only the New York Knicks and Golden State Warriors.
The Boston Celtics were the last NBA team to be sold when they struck a deal with a group led by Bill Chisholm earlier this year. The group purchased the Celtics for $6.05 billion , which set an NBA record. Controlling ownership of both the Phoenix Suns and Dallas Mavericks were sold in recent years, too.
The Lakers have shined under the Buss family"s leadership and become one of the premier franchises in all of sports. They"ve won 11 NBA titles under the Buss family, most recently in 2020, including a rare three-peat from 2000-02 with head coach Phil Jackson and star Kobe Bryant. Most recently, the team stunned the NBA world with its trade to acquire Dallas Mavericks superstar Luka Dončić in February .
Walters had the first right of refusal to purchase the Buss family"s 66% share after he bought Phil Anschutz"s stake of 26 percent in 2021.
Lakers Hall of Fame point guard Magic Johnson, who has played, coached and served as president under the Buss family — and is part of the Dodgers ownership group with Walter — congratulated both sides on the agreement after news broke in June.
While Jeanie is still set to control the Lakers, the Buss family selling the franchise marks the end of an era for the team that has led the NBA in a number of ways for decades.