LOS ANGELES – The monumental sale of the Los Angeles Lakers to billionaire Mark Walter is on track to finalize later this year, with Jeanie Buss set to remain the governor of the franchise for the foreseeable future. This announcement was made on June 25, signaling a new chapter for one of basketball’s most storied teams.
This official confirmation follows reports from US media that the Buss family is poised to sell controlling interest in the legendary NBA franchise for a staggering US$10 billion, a deal that establishes the Lakers as the highest-valued team in the history of American sports.
A joint statement from the parties involved noted, “Businessman and philanthropist Mark Walter has reached an agreement with the Buss Family Trust to acquire a majority stake in the NBA’s Los Angeles Lakers.” The statement further emphasized, “Jeanie Buss will remain governor of the franchise and continue to oversee all team operations on a day-to-day basis for the foreseeable future.”
In her remarks, Jeanie Buss expressed her commitment to the Lakers’ legacy, saying, “From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning – relentlessly – and to doing so with passion and style. I have gotten to know Mark very well over time and have been delighted to learn how he shares those same values. For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue the Lakers’ extraordinary legacy.”
Mark Walter, the chief executive of TWG Global, has an impressive portfolio that includes ownership of the Los Angeles Dodgers and the Los Angeles Sparks, as well as part of the ownership group for English Premier League club Chelsea. His diverse holdings also extend to the Billie Jean King Cup tennis tournament and the Cadillac Formula One team. Notably, Walter has been a minority owner of the Lakers prior to this acquisition.
This transition signals the end of an era in the NBA, a league that owes much of its modern appeal to the franchise’s illustrious history, particularly during the 1980s. The Lakers were acquired in 1979 by the charismatic Jerry Buss, who transformed the team into a sporting behemoth and a globally recognized brand.
Under the Buss family, the Lakers clinched 11 NBA championships, more than any other team during that period. This era included the famed “Showtime” Lakers led by Magic Johnson, and the three consecutive championships from 2000 to 2002, spearheaded by the late Kobe Bryant. Recently, the team bolstered its roster by acquiring superstar LeBron James, who led the Lakers to their 17th championship in 2020, and made headlines earlier this year with a trade for Dallas Mavericks star Luka Doncic.
Walter remarked on the franchise’s significance, stating, “The Lakers have long been one of the most iconic franchises in sports. Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys.”
In other NBA news, the Dallas Mavericks selected versatile US college teen star Cooper Flagg as the first overall pick in the NBA draft on June 25. Flagg, who averaged impressive stats of 19.2 points, 7.5 rebounds, 4.2 assists, 1.4 steals, and 1.4 blocked shots per game for the Blue Devils, joins a Mavericks team already viewed as a playoff contender for the upcoming season. The San Antonio Spurs followed by picking Rutgers guard Dylan Harper second overall, marking the third consecutive year they have secured a top-four pick, while the Philadelphia 76ers selected guard VJ Edgecombe out of Baylor at No. 3.
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