Mark Walter Acquires Majority of the Lakers in a $10 Billion Deal
The acquisition of the majority stake in the Los Angeles Lakers by businessman Mark Walter, in a deal that values the franchise at $10 billion, is expected to close in the third or fourth quarter of this year. In a statement issued on Wednesday, the parties confirmed that Jeanie Buss, whose family has controlled the Lakers for 46 years, will remain governor of the team and “will continue to oversee all day-to-day team operations for the foreseeable future.” Walter has been a minority owner of the Lakers since 2021. Jerry Buss, Jeanie Buss’s father, bought the team in 1979.“I’ve come to know Mark very well over time and I’ve loved knowing how he shares those same values. Over the last four years, Mark has been an excellent partner for us, and we are delighted to continue working with him to continue the extraordinary legacy of the Lakers.” Walter, Chairman and CEO of TWG Global, a diversified portfolio company, has holdings in the Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, the Billie Jean King Cup, the Formula 1 Cadillac team, and the Professional Women’s Hockey League.“From the day our father bought the Lakers, we have been determined to offer what the city of Los Angeles deserves and demands: a team that is committed to winning, relentlessly, and to do so with passion and style,” said Jeanie Buss.
Jeanie Buss
“Since Dr. Jerry Buss first bought the team in 1979, they have really set the standard for basketball in one era after another, so you can find people all over the world wearing Lakers jerseys and t-shirts,” said Walter. The agreement for the sale of the Lakers came about three months after Bill Chisholm agreed to buy the Boston Celtics with an initial valuation of $6.1 billion.He said the Lakers “have long been one of the most iconic franchises in sports.”
Mark Walter
