NBA Approves Mark Walter’s Majority Stake in Lakers NOW

BREAKING NEWS: The NBA Board of Governors has approved Mark Walter as the majority owner of the Los Angeles Lakers, marking a historic transition in ownership. The deal, confirmed earlier today, sees Walter purchasing a controlling stake from the Buss family, solidifying the Lakers’ status as the most valuable franchise in professional sports, valued at a staggering $10 billion.

This critical transaction, initially announced in June, is set to close shortly, placing Walter, a billionaire and head of TWG Global, in the driver’s seat of one of the most iconic teams in sports. Walter also owns the Los Angeles Dodgers and the WNBA’s Los Angeles Sparks, amplifying his influence in the Los Angeles sports scene.

Under the terms of the deal, Jeanie Buss will continue as the Lakers’ governor for at least the next five years, overseeing daily operations “for the foreseeable future.” This leadership continuity is vital for the franchise’s stability as it navigates this new era. Buss, whose father, Jerry Buss, originally purchased the Lakers in 1979 for just $67.5 million, expressed her excitement about the future and her commitment to winning championships.

In a statement, Walter emphasized the Lakers’ rich legacy, stating, “The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness.” He continued, “It’s a privilege to work alongside Jeanie Buss as we maintain that excellence and set the standard for success in this new era, both on and off the court.”

With 17 NBA championships to their name, the Lakers have cultivated a global fan base, showcasing legendary talents from George Mikan to LeBron James. The transition to Walter’s ownership signals a fresh chapter for the franchise, one that fans are eager to embrace.

Jeanie Buss reflected on her new partnership with Walter, saying, “Over the past decade, I have come to know Mark well — first as a businessman, then as a friend, and now as a colleague. He has demonstrated time and time again his commitment to bringing championships to Los Angeles.”

As the Lakers prepare for this significant change, fans and analysts alike are watching closely. What will Walter’s leadership mean for the team’s future? Will this ownership change impact their performance on the court? The coming weeks will be pivotal as the Lakers aim to maintain their legacy of excellence.

Stay tuned for more updates as this developing story unfolds.