Particle.news
Download on the App Store
11 ARTICLES
·
3h ago

NBA Approves Mark Walter’s Purchase of Majority Stake in Lakers

The league’s vote clears the way for a roughly $10 billion takeover that preserves governance continuity under Jeanie Buss.

Jeanie Buss (L) and Mark Walter attend a basketball game between the Los Angeles Lakers and the Golden State Warriors at Crypto.com Arena in Los Angeles, California.
Image

Overview

  • The NBA Board of Governors voted unanimously to approve the transfer of the Los Angeles Lakers’ majority interest to Dodgers owner Mark Walter.
  • The league said the transaction is expected to close shortly, while a team announcement said Walter finalized his acquisition, reflecting differing descriptions of timing.
  • Reports place the deal’s valuation at about $10 billion, setting a new record for a North American professional sports franchise sale and topping the recent Celtics benchmark.
  • The Buss family will retain a minority stake, and Jeanie Buss will remain the team’s governor for at least five years following the closing.
  • Walter, already the controlling owner of the Dodgers and an investor in the Sparks, previously held a minority stake in the Lakers, and his purchase ends the Buss family’s majority control dating to 1979.