The NBA approves the sale of the Lakers to Dodgers owner Mark Walter
The NBA Board of Governors unanimously approved Mark Walter’s bid to buy a majority stake in the Lakers on Thursday, the league announced, marking a major turnaround for one of Los Angeles’ most important sports teams.
The Lakers had been a family-run team since Dr. Jerry Buss purchased the franchise in 1979. When he died in 2013, control passed to a family trust with his daughter Jeanie Buss serving as the team’s governor. The Buss family built the team into one of the most iconic brands in sports, eventually attracting a record $10 billion valuation. While the sale has been finalized, Jeanie Buss will serve as the team’s governor for at least five years after the deal officially closes, the league’s announcement said.
“The Los Angeles Lakers are one of the most iconic clubs in all of sports, with a history of excellence and the relentless pursuit of greatness,” Walter said in a statement released by the team. “Few teams carry the Lakers’ legacy and global impact, and it is an honor to work alongside Jeanie Buss as we maintain that distinction and set the standard for success in this new era, on and off the court.”
Walter, who also heads the group that owns the Dodgers and Sparks, was sitting next to Buss at the Lakers’ season opener on Oct. 21. Walter and Todd Buhle have been minority stakeholders in the Lakers since 2021 when they purchased 27% of the franchise.
To represent a team as governor, a minority owner must own at least 15% of his or her team’s stock. The Lakers announced that Buss will continue to oversee the team’s daily operations for the foreseeable future.
“Over the past decade, I have gotten to know Mark well — first as a businessman, then as a friend and now as a colleague,” Boss said in a statement. “He has proven time and time again his commitment to bringing championships to Los Angeles, and on behalf of Lakers fans everywhere, I am very excited about what our future holds.”
During a recent Lakers game, when the camera panned to Buss and Walter sitting on the court, Buss held one finger up to show the Lakers’ gaudy championship ring. In 2020, she became the first female controlling owner to win an NBA championship as the Lakers captured their 17th title.
With 11 championships under the Bos family, the Lakers have become a global sporting phenomenon with stars including Kareem Abdul-Jabbar, Magic Johnson, Shaquille O’Neal and Kobe Bryant as well as the recent wave of LeBron James and Luka Doncic. When Doncic signed a three-year, $165 million contract extension in August, the 26-year-old star thanked both Walter and Boss for believing in his talent.