NBA Approves Mark Walter’s Historic $10B Lakers Purchase

BREAKING: The NBA Board of Governors has officially approved Mark Walter as the majority owner of the Los Angeles Lakers, following a monumental deal to purchase a controlling stake from the Buss family. This historic transaction, valued at a staggering $10 billion, positions Walter at the helm of one of the most iconic franchises in sports.

The approval was confirmed earlier today, with closing expected to happen shortly. Walter, who also owns the Los Angeles Dodgers and the WNBA’s Los Angeles Sparks, expressed his excitement about this new chapter. “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,” he stated.

Under the terms of the agreement, Jeanie Buss will continue as the Lakers’ governor for at least the next five years, overseeing day-to-day operations. Buss, whose father, Jerry Buss, purchased the team in 1979 for just $67.5 million, is optimistic about the future. “He has demonstrated time and time again his commitment to bringing championships to Los Angeles,” she said, highlighting her excitement for what lies ahead.

Walter’s investment group, TWG Global, is also gearing up for its role as the majority owner of the new Cadillac Formula 1 team, set to compete next year. This diversification underscores Walter’s significant footprint in the sports world and his ambition to elevate the Lakers further.

The Lakers have a storied legacy, boasting 17 NBA championships and a global fan base that includes some of the most famous players in basketball history, from George Mikan to LeBron James. Walter’s acquisition not only marks a new era for the franchise but also sets a record as the highest valuation for a professional sports team ever.

As this deal unfolds, fans and analysts alike are eager to see how Walter’s leadership will impact the Lakers’ pursuit of excellence on and off the court. With the NBA season approaching, all eyes will be on Los Angeles as they embark on this transformative journey.

Stay tuned for more updates as this story develops, and witness how this landmark ownership change shapes the future of one of the NBA’s most celebrated franchises.