Billionaire businessman Mark Walter was unanimously approved as the new majority owner of the Los Angeles Lakers by the NBA Board of Governors on Thursday.
Walter then immediately closed on the sale of the franchise from the Buss family at a $10 billion valuation, sources told ESPN.
“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. “Few teams carry the legacy and global influence of the Lakers, and 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 now has one the most valuable collections of professional sports franchises in the world. In addition to the Lakers, he is the controlling owner of the Los Angeles Dodgers, who will play Game 6 of the World Series Friday night in Toronto, and the WNBA’s Los Angeles Sparks. His TWG Global investment group owns tennis’ Billie Jean King Cup, the Cadillac Formula 1 team and the Professional Women’s Hockey League. Walter is a part owner of Chelsea F.C. of the English Premier League.
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