NEW YORK – The NBA Board of Governors has unanimously approved the sale of the majority interest in the Los Angeles Lakers to Mark Walter. The transaction is expected to close shortly.
The Buss family, which has owned a majority stake in the Lakers since Dr. Jerry Buss bought the team in 1979, will retain an ongoing interest. Jeanie Buss will remain the team’s Governor for a period of at least five years following the closing of the transaction.
“Mark Walter has a long association with our leagues, having served as a minority owner of the Lakers and as the principal owner of the WNBA’s Sparks for more than a decade,” said NBA Commissioner Adam Silver. “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.
“I also want to thank and congratulate Jeanie Buss and the Buss family for 46 years of transformational leadership and service. 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.”
