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NBA owners signed off on Mark Walter’s US$10 billion purchase of the Los Angeles Lakers from the Buss family, according to a statement from the league.
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Walter, the chief executive officer of Guggenheim Partners LLC and owner of the Los Angeles Dodgers and other sports entities, agreed to buy the Lakers in June.
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The US$10 billion price tag is the largest ever in a control sale of a sports franchise. Earlier this month, the New York Giants sold a 10 per cent stake to Julia Koch and the Koch family at a valuation of US$10.3 billion, setting a new highwater mark.
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Jeanie Buss, whose father Dr. Jerry Buss bought the Lakers in 1979, will retain an interest in the franchise and serve as its governor for at least five years, according to the league. The Lakers have appeared in 32 NBA Finals and won 17 championships. The league’s other owners unanimously approved the deal.
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“The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness,” Walter said in a statement. “It’s a privilege to work alongside Jeanie Buss as we maintain that excellence.”
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With assistance from Randall Williams
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