Businessman Mark Walter鈥檚 acquisition of the in a deal that puts the franchise valuation at $10 billion, is expected to close in the third or fourth quarter of this year.
In a statement Wednesday, the sides confirmed that Jeanie Buss 鈥� whose family has had control of the Lakers for 46 years 鈥� will remain governor of the team and 鈥渃ontinue to oversee all team operations on a day-to-day basis for the foreseeable future.鈥�
Walter has been a minority owner of the Lakers since 2021. Jerry Buss, Jeanie Buss鈥� father, bought the team in 1979.
鈥淔rom the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning 鈥� relentlessly 鈥� and to doing so with passion and with style,鈥� Jeanie Buss said. 鈥淚 have gotten to know Mark very well over time and been delighted to learn how he shares those same values. For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue the Lakers鈥� extraordinary legacy.鈥�
Walter, the chairman and CEO of TWG Global, a diversified holding company, has ownership stakes in the Los Angeles Dodgers, the WNBA鈥檚 Los Angeles Sparks, the Billie Jean King Cup, the Cadillac Formula 1 Team and the Professional Women鈥檚 Hockey League.
He said the Lakers 鈥渉ave long been one of the most iconic franchises in sports.鈥�
鈥淪ince Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys,鈥� Walter said.
The agreement for the sale of the Lakers came about three months after Bill Chisholm agreed to buy the Boston Celtics with an initial valuation of $6.1 billion 鈥� which was going to be a record, topping the previous mark of $6.05 billion sale for the NFL鈥檚 Washington Commanders.
The Celtics鈥� sale is not yet finalized, pending final approval by the NBA鈥檚 board of governors.
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AP NBA:
Tim Reynolds, The Associated Press
