Mark Walter approved as majority owner of Lakers, closes on sale

Billionaire businessman Mark Walter unanimously approved as the new majority owner Los Angeles Lakers by the NBA Board of Governors on Thursday.

Sources told ESPN that Walter immediately closed the sale of the franchise to the Busse family at a valuation of $10 billion.

“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.”

Walter now owns the most valuable collection of professional sports franchises in the world. In addition to the Lakers, he is the controlling owner of los angeles dodgerswho will play Game 6 of the World Series on Friday night in Toronto and the WNBA los angeles sparksHis TWG Global investment group owns tennis’ Billie Jean King Cup, the Cadillac Formula 1 team, and the professional women’s hockey league. Walter is part owner of Chelsea FC of the English Premier League.

The Buss family will retain a minority ownership stake in the team of more than 15%, allowing current Lakers governor Jenny Buss to remain in her role for at least the next five years. She will oversee day-to-day operations “for the foreseeable future,” the team said.

“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.”

The Lakers’ $10 billion valuation and purchase broke the record set by Bill Chisholm’s $6.1 billion purchase. boston celtics In July.

Record-breaking purchases are nothing new for Walter. His $2.15 billion purchase of the Dodgers in 2012 made headlines at the time, but has since proven to be prescient as the Dodgers are now valued at between $6.8 billion (Forbes) and $7.73 billion (Sportico).

“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.”

Jerry Buss buys the Lakers, the NHL Los Angeles Kings and Forum Arena from Jack Kent Cooke for $67.5 million.

The Associated Press contributed to this report.