Mark Walter Acquires Majority Stake in Lakers
Mark Walter has officially become the majority owner of the Los Angeles Lakers. This change follows the approval of his purchase by the NBA Board of Governors, marking a significant milestone for both the team and Walter. The transaction, which is expected to close soon, was first announced in June.
Key Details of the Ownership Change
- New Majority Owner: Mark Walter
- Previous Owners: Buss Family
- Transaction Approval Date: Recent approval from NBA Board of Governors
- Franchise Valuation: $10 billion, the highest for a professional sports team
- Former Owner: Jeanie Buss will continue as governor for at least five years
Background on Mark Walter
Mark Walter is a billionaire entrepreneur known for his extensive sports investments. In addition to the Lakers, he is the controlling owner of the Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. His company, TWG Global, also owns a majority stake in the new Cadillac Formula 1 team, which is set to compete starting next year.
Lakers’ Legacy and Future
The Los Angeles Lakers, established in 1947, hold a storied legacy with 17 NBA championships. The franchise has produced legendary players, including George Mikan and LeBron James. Walter expressed pride in overseeing a team with such a rich history of success and a global fan base.
Support from NBA Leadership
NBA commissioner Adam Silver highlighted Walter’s connection to the league, noting his previous ownership role within the Lakers and the Sparks. He believes Walter will be a dedicated steward of the franchise and a valuable addition to the NBA.
Jeanie Buss’ Continued Role
Jeanie Buss, daughter of former owner Jerry Buss, purchased the Lakers in 1979 for $67.5 million. Her continued involvement is welcomed by league officials, ensuring that the franchise maintains its path to excellence.
Looking Ahead
Lakers fans are hopeful that Walter’s business acumen will bring further success to the team. Under his ownership, he aims to uphold the Lakers’ legacy while pushing for more championships. His track record with the Dodgers, which includes 13 consecutive playoff appearances and two World Series titles since 2012, raises expectations for similar success with the Lakers.
As the NBA season progresses, all eyes will be on Walter and his leadership of one of the league’s most iconic franchises.
