The NBA Board of Governors unanimously approved the LA Lakers deal, with the purchase price reportedly around ten billion US dollars.
The record sale of the Los Angeles Lakers to billionaire Mark Walter is complete. The NBA Board of Governors unanimously approved the deal, the league announced on Thursday.
The Lakers are reportedly changing ownership for around ten billion US dollars (8.7 billion euros), more money than has ever been paid for a franchise in US sports or any other club in the world.
Mark Walter takes over the Lakers
The 17-time champion is transferring from the Buss Family Trust to Walter, who also owns shares in the Los Angeles Dodgers (baseball), the Los Angeles Sparks (women’s basketball), and the future Formula 1 team Cadillac. Walter previously held a minority stake in the Lakers.
According to the announcement, Jeanie Buss remains president and will continue to lead day-to-day operations “for the foreseeable future.” An agreement had already been reached in late June.
“The Los Angeles Lakers are one of the most legendary franchises in all of sports,” said Walter, noting that the club is “characterized by a history of excellence and relentless pursuit of peak performance. Few teams can look back on such a rich heritage and such great global influence as the Lakers, and I am honored to work with Jeanie Buss to preserve this excellence and set standards for success in this new era – both on and off the court.”
The Lakers have been owned by the Buss family since 1979. At that time, Jerry Buss bought the franchise for $67.5 million from Jack Kent Cooke and also received, among other things, the Los Angeles Kings from the NHL.