Businessman Mark Walter’s acquisition of the majority ownership stake of the Los Angeles Lakers, in a deal that places the franchise valuation at $10 billion, is predicted to shut within the third or fourth quarter of this 12 months.
In an announcement Wednesday, the perimeters confirmed that Jeanie Buss — whose household has had management of the Lakers for 46 years — will stay governor of the crew and “proceed to supervise all crew operations on a day-to-day foundation for the foreseeable future.”
Walter has been a minority proprietor of the Lakers since 2021. Jerry Buss, Jeanie Buss’ father, purchased the crew in 1979.
“From the day our father bought the Lakers, we have now been decided to ship what the Metropolis of Los Angeles deserves and calls for: a crew that’s dedicated to successful — relentlessly — and to doing so with ardour and with fashion,” Jeanie Buss stated.
“I’ve gotten to know Mark very nicely over time and been delighted to learn the way he shares those self same values. For the final 4 years, Mark has been a wonderful accomplice to us, and we’re thrilled to maintain working with him to proceed the Lakers’ extraordinary legacy.”
Walter, the chairman and CEO of TWG International, a diversified holding firm, has possession stakes within the Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, the Billie Jean King Cup, the Cadillac Components 1 Crew and the Skilled Girls’s Hockey League.
He stated the Lakers “have lengthy been one of the iconic franchises in sports activities.”
“Since Dr. Jerry Buss first bought the crew in 1979, they’ve actually set the usual for basketball in a single period after one other, which is why you will discover folks anyplace on the planet carrying Lakers shirts and jerseys,” Walter stated.
The settlement for the sale of the Lakers took place three months after Invoice Chisholm agreed to purchase the Boston Celtics with an preliminary valuation of $6.1 billion — which was going to be a file, topping the earlier mark of $6.05 billion sale for the NFL’s Washington Commanders.
The Celtics’ sale is just not but finalized, pending last approval by the NBA’s board of governors.