Lakers Sale Approved: Mark Walter Takes Majority Stake, Ending Buss Family Era

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Mark Walter.

The sale of the Los Angeles Lakers was finally approved, as announced this Thursday, the 30th, following the unanimous decision of the NBA franchises to transfer a majority stake to Mark Walter, CEO of TWG Global, according to an official NBA statement.

The official sale marks the end of the Buss family dynasty at the helm of the team, which they presided over for 46 years since 1979 and during which they won 11 championships: five with Magic Johnson, two with Kobe Bryant and Pau Gasol, and one with LeBron James.

Walter will now own one of the most valuable collections of sports franchises in the world, as his investment group is the majority owner of the Los Angeles Dodgers, the Los Angeles Sparks of the WNBA, the Billie Jean King Cup tennis tournament, the Cadillac Formula One team, and the Professional Women's Hockey League (PWHL). The group is also a co-owner of Chelsea FC of the English Premier League.

The sale figures are not yet official, but there is talk of a total approaching US$10 billion, which would break a league record. Rumors suggest the final value could be even higher, with a potential valuation of the Lakers reaching US$12 billion.