The NBA Board of Governors unanimously approved Mark Walter's purchase offer controlling stake in Lakers The league announced Thursday that it marked a major shift for one of Los Angeles' most important sports franchises.
The Lakers have been a family team ever since. Dr. Jerry Buss bought the franchise in 1979. When he died in 2013, control passed to his daughter's family trust. Jeanie Bass acting team governor. The Buss family built the team into one of the most recognizable brands in sports, eventually achieving a record valuation of $10 billion. Although the sale has now been completed, Jeanie Buss will serve as the team's governor for a minimum of five years after the deal officially closes, the league said in an announcement.
“The Los Angeles Lakers are one of the most iconic teams in all of sports, known for their history of excellence and relentless pursuit of greatness,” Walter said in a statement released by the team. “Few teams have the legacy and global influence of the Lakers, and I am honored 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.”
Walter, who also heads the group that owns the Dodgers and Sparks, sat next to Buss at the Lakers' season opener on Oct. 21. Walter and Todd Boehle have been minority shareholders of the Lakers since 2021, when they bought 27% of the franchise.
To represent a team as governor, a minority owner must own at least 15% of his team's shares. Buss will continue to oversee the team's day-to-day operations for the foreseeable future, the Lakers announced.
“Over the past decade, I have gotten to know Mark well—first as a businessman, then as a friend, and now as a colleague,” Bass said in a statement. “He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and on behalf of Lakers fans everywhere, I am very excited about what the future holds.”
During a recent Lakers game, as the camera panned to Buss and Walter sitting courtside, Buss raised his finger in the air to show off the Lakers' flashy championship ring. In 2020, she became the first female owner to win an NBA championship when the Lakers captured their 17th title.
Having won 11 championships under the leadership of the Buss family, the Lakers have become a global sports phenomenon with stars including Kareem Abdul-Jabbar, Magic Johnson, Shaquille O'Neal and Kobe Bryant, as well as the newest wave of LeBron James and Luka Doncic. When Doncic signed a three-year, $165 million contract extension in August, the 26-year-old superstar thanked Walter and Buss for believing in his talent.
