The Los Angeles Lakers will be under new ownership shortly as the NBA is slated to vote on Mark Walter’s bid to purchase a majority stake in the franchise.
Walter’s bid is set at a valuation of $10 billion, making it the largest purchase in sports history. Walter is famously known as the owner of the Los Angeles Dodgers, but now he’ll get an opportunity to preside over Los Angeles’ other premier franchise.
However, it seems that Walter isn’t the only person who will be financing the sale as his business partner and Dodgers co-owner Todd Boehly is getting in on it as well, via Ben Horney of Front Office Sports:
Mark Walter is buying the Lakers with a little help from his friend, Front Office Sports has learned.
Walter’s record-breaking deal for the iconic franchise also features his longtime business partner, Todd Boehly, with whom he co-owns the Dodgers, according to two sources familiar with the matter. Boehly’s involvement in the deal, which is expected to close as soon as the end of this week, has not previously been reported. ESPN first reported the deal could close before the start of November.
In total, Walter and Boehly will own about 85% of the Lakers upon the deal’s completion—the exact size stakes that Walter and Boehly will individually own was not clear, although Walter will be the majority owner and Boehly will be a limited partner, the sources tell FOS. Walter and Boehly purchased a 27% stake in the Lakers in 2021.
Walter and Boehly have worked together for a long time, so it only makes sense that the latter will be included with the sale of the Lakers as he was also already a minority stakeholder. New ownership after decades of the Buss family’s stewardship leads to some major questions, but the overwhelming sentiment is that this change of power is ultimately what’s best for the storied franchise.
By virtue of having more financial power, Walter has a chance to reshape the organization both on and off the floor to help the Lakers become a consistent contender. Building a roster around Luka Doncic is the easiest path toward contention and it’ll be interesting to see what kind of changes are in store once the sale formally complete.
Magic Johnson loves Jeanie Buss continuing to run Lakers after sale to Mark Walters
While Mark Walter is set to become the Lakers’ new governor, Jeanie Buss will remain in her role for the foreseeable future. Buss has done well to keep L.A. afloat which is why Magic Johnson loves that she’s staying on after the sale to Walter is done.
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