Mark Walter Approved as New Majority Owner of Los Angeles Lakers

The National Basketball Association’s board of governors unanimously approved billionaire Mark Walter as the new majority owner of the Los Angeles Lakers today, solidifying a deal that marks a significant shift in ownership for the iconic franchise.

The sale, reportedly valuing the Lakers at approximately $10 billion, concludes the Buss family’s ownership era, which began in 1979 when Jerry Buss acquired the team. As CEO of Guggenheim Partners, Walter already holds ownership stakes in the Los Angeles Dodgers and the Los Angeles Sparks. The Lakers’ valuation places them as the second most valuable franchise in the NBA, trailing only the Golden State Warriors, according to Sportico.

“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,” Walter said in a statement. Jeanie Buss will remain with the team as governor and oversee daily operations for at least the next five years, while the Buss family will retain a more than 15% minority stake. “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,” Walter added. NBA Commissioner Adam Silver also expressed confidence in Walter’s stewardship of the team.

Walter initially acquired a 20% stake in the Lakers in 2021. This transition comes as the NBA continues to see franchise valuations soar, reflecting the league’s growing global popularity and media rights deals. Officials stated Walter’s extensive experience in sports ownership, including his involvement with the Dodgers and Sparks, will be invaluable as the Lakers navigate the evolving landscape of professional basketball.