The NBA Board of Governors on Thursday unanimously approved the acquisition of a majority stake in the NBA, marking a major turnaround for one of Los Angeles’ most important sports teams, the league announced.
The Lakers have been a family-owned team since purchasing the franchise in 1979. After the Lakers’ death in 2013, management was transferred to a family trust, with his daughter serving as the team’s governor. The Bass family built the team into one of the most recognizable brands in sports, ultimately earning it a record-breaking $10 billion valuation. Although the sale has been approved, Jeanie Buss will remain the team’s governor for at least five years after the deal is officially completed, the league said in a statement.
“The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and a relentless pursuit of greatness,” Walter said in a statement released by the team. “Few teams carry on the tradition and global influence of the Lakers, and I am honored to work alongside Jeanie Buss as we continue that excellence and set the standard for success in this new era on and off the court.”
Walter, who also heads the group that owns the Dodgers and Sparks, was seated next to the bus at the Lakers’ season opener on Oct. 21.
“Over the past 10 years, I have gotten to know Mark well, first as a businessman, then as a friend, and now as a colleague,” Jeanie Buss said in a statement. “He has shown time and time again his determination to bring a championship to Los Angeles. On behalf of Lakers fans around the world, I’m very excited for what the future holds for us.”
