The NBA Board of Governors has unanimously approved the sale of the majority interest in the Los Angeles Lakers to businessman Mark Walter.
The transaction values the franchise at roughly $10 billion, making it the largest sale of a professional sports team in history. Walter was already a minority stakeholder in the Lakers and holds majority control of MLB’s Los Angeles Dodgers.
Though the Buss family cedes majority control, they will retain approximately a 15 percent stake. Jeanie Buss will continue as team governor and oversee day-to-day operations for at least the next five years.
NBA Commissioner Adam Silver praised Walter’s connection to the league. “Mark Walter has a long association with our leagues … he will be a committed steward of the team,” Silver said.
The Lakers, founded in 1947, have won 17 NBA championships, second only to the Boston Celtics. Under Buss family ownership since 1979, the club became one of sport’s most iconic franchises.
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