Lakers finalize record sale to Dodgers, Sparks owner Mark Walter

Mark Walter is the majority owner of the Los Angeles Lakers after the NBA Board of Governors approved the purchase of a controlling stake from the Buss family.

The Lakers and the league confirmed Thursday the next step in a transaction that is expected to close soon. Sale of the most valuable NBA franchise was originally announced in June.

Jeannie Bass will remain a Lakers governor under the deal for at least the next five years and will oversee day-to-day operations “for the foreseeable future,” the team said. Her father, Jerry Bass, bought the Lakers in 1979.

But the Lakers are now primarily owned by Walter, a billionaire whose investment group TVG Global owns the Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. The group is also the majority owner of the new Cadillac Formula 1 team, which will begin competition next year.

The sale of the Lakers was completed with a franchise valuation of $10 billion, the highest ever set for a professional sports team.

“The Los Angeles Lakers are one of the most storied franchises in all of sports, defined by a history of excellence and a relentless pursuit of greatness,” Walter said in a statement. “Few teams carry the legacy and global impact of the Lakers, and it is a privilege to work alongside Jeannie Bass as we maintain that excellence and set the standard for success in this new era, both on and off the court.”

The Lakers have won 17 NBA championships and built a worldwide fan base through decades of consistent wins with many of the most iconic players in basketball history, from George Mikan to LeBron James.

Jerry Bass bought the Lakers, the NHL’s Los Angeles Kings and the Forum Arena from Jack Kent Cooke for $67.5 million.

“Over the past decade, I’ve gotten to know Mark well — first as a businessman, then as a friend, and now as a colleague,” said Ginny Bass. “He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and on behalf of Lakers fans everywhere, I am beyond excited for what the future holds.”

Associated Press reports.

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