The NBA Board of Governors has unanimously approved the sale of the majority interest in the Los Angeles Lakers to Mark Walter, the league announced. The transaction has been finalized with Walter officially taking over the Lakers.
“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.”
Jeanie Buss will remain Governor of the Lakers and continue to oversee day-to-day team operations for the foreseeable future. According to reports, that is expected to be the case for at least the next five years.
According to the team’s statement, Buss’ continued leadership reflects Walter’s view that professional sports are an unsurpassed global platform for inspiring performance, purpose, and community. The Lakers represent a cornerstone of that vision, and he believes in continuing with the winning leadership that has made the franchise a dominant force.
“Over the past decade, I have come to know Mark well—first as a businessman, then as a friend and now as a colleague,” Buss said. “He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and, on behalf of Lakers fans everywhere, I am beyond excited about what our future has in store.”
In addition to his majority stake in the Lakers, Walter holds controlling interests in MLB’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks, as well as stakes in Chelsea F.C. TWG Global holds a majority stake in the Cadillac Formula 1 Team, owns the Professional Women’s Hockey League, and has a substantial investment in the Billie Jean King Cup, the women’s World Cup of Tennis. Walter is Co-Chairman and CEO of TWG Global, a diversified holding company that operates and invests in financial services, merchant banking and finance, TWG AI, sports, media, and entertainment, guiding businesses with untapped potential to new levels of growth.
Todd Boehly joining Mark Walter in Lakers ownership group
According to recent reports, Mark Walter’s business partner and co-Dodgers owner Todd Boehly will also be involved in the Lakers sale. Boehly was already a minority owner of the Lakers, so it makes sense for him to get more involved in the organization alongside Walter.
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