NBA approves $10 billion Los Angeles Lakers sale to Mark Walter

Mark Walter has officially become the majority owner of the Los Angeles Lakers. The NBA Board of Governors approved his purchase of a controlling stake from the Buss family. This significant transaction, initially announced in June, is expected to conclude soon. Jeanie Buss will continue as the Lakers' governor for at least five years, managing daily operations. The sale valued the franchise at $10 billion, setting a record for a professional sports team. Walter is a billionaire whose investment group also owns the Los Angeles Dodgers and the WNBA's Los Angeles Sparks. His group also holds majority ownership in the new Cadillac Formula 1 team. Walter expressed his privilege to work with Jeanie Buss to maintain the Lakers' excellence and set new standards. The Lakers boast a rich history with 17 NBA championships and a global following built by legendary players. Jeanie Buss has known Walter for years and expressed excitement about his commitment to winning championships for Los Angeles.