11:42 am: The Lakers have put out a press release confirming that Walter has finalized his acquisition of a majority stake in the team. The sale is now closed, confirms ESPN’s Ramona Shelburne (Twitter link).
“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.”
11:11 am: The NBA’s Board of Governors has unanimously approved the sale of a majority share of the Lakers to Mark Walter, the league announced today in a press release, adding that the transaction is expected to close soon (Twitter link).
Walter, 65, is the CEO of Guggenheim Partners, a global investment firm, and co-CEO and chairman of TWG Global, a diversified holding company.
Walter, who also owns the Los Angeles Dodgers (MLB) and Los Angeles Sparks (WNBA), among other sports investments, had been a minority shareholder in the Lakers, having purchased a 27% stake in 2021 alongside Todd Boehly. Boehly will remain a limited partner in the franchise, per Kurt Badenhausen of Sportico.
Walter reached an agreement in June to buy a controlling interest from the Buss family at a record-setting valuation of $10 billion. It will be the first time since 1979 that the franchise has a new majority owner.
“Mark Walter has a long association with our leagues, having served as a minority owner of the Lakers and as a principal owner of the WNBA’s Sparks for more than a decade,” NBA commissioner Adam Silver said in a statement. “As Mark assumes his role as majority owner of the Lakers, I have no doubt that he will be a committed steward of the team and a great addition to our league given his many successful ventures in business and sports.”
Although Walter is assuming majority control of the Lakers, Jeanie Buss will remain in her role of governor for at least five years after the transaction closes, the league confirmed within its announcement. That means the Buss family will retain at least a 15% stake in the team, which is the minimum required for the governor role.
“I also want to thank and congratulate Jeanie Buss and the Buss family for 46 years of transformational leadership and service,” Silver continued. “While this historic transaction transfers the Buss family’s majority interest in the Lakers, I am thrilled that Jeanie will remain the team’s governor and an active and engaged member of our league.”