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Billionaire Mark Walter has been confirmed as its new majority owner Los Angeles Lakers By the NBA.
Walter was unanimously approved by the NBA Board of Governors on Thursday, shortly after closing the purchase of the franchise from the Busch family at a $10 billion valuation.
“The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and a relentless pursuit of greatness,” Walter said in a statement.
“Few teams have the legacy and global impact of the Lakers, and it is a privilege to work with Jenny Buss as we maintain that excellence and set the bar for success both on and off the court in this new era.”
The Buss family, which has owned the team since 1979, will retain an ongoing minority stake, with Jenny Buss remaining the team’s governor for “a period of at least five years”.
“Over the past decade, I have known Mark well – first as a businessman, then as a friend and now as a colleague,” Buss said in her statement.
“He has demonstrated time and again his commitment to bringing championships to Los Angeles, and on behalf of Lakers fans everywhere, I am extremely excited about what our future holds.”
Todd Boehly was absent from the NBA’s announcement but the Chelsea owner is also involved in the deal.
Walter, who also owns the Los Angeles Dodgers, broke the record set by Bill Chisholm’s $6.1 billion acquisition of the Boston Celtics in July, valuing his purchase of the Lakers at about $4 billion more.
“Mark Walter has a long association with our leagues, having served as minority owner of the Lakers and principal owner of the WNBA’s Sparks for more than a decade,” NBA Commissioner Adam Silver said in a statement.
“As Mark assumes his role as majority owner of the Lakers, I have no doubt that he will be a committed manager of the team and a great addition to our league given his many successful ventures in business and sports.
“I want to thank and congratulate Jenny 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 Jenny will remain a team governor and an active and engaged member of our league.”