The National Basketball Association has approved the record-breaking sale of the Los Angeles Lakers to billionaire investor Mark Walter for approximately $9.3 billion, marking a significant change in ownership for one of the league’s most iconic franchises.
The league confirmed the transaction involves the Buss family, who have owned the Lakers since 1979, selling the team to Walter. The deal’s valuation sets a new record for an NBA franchise.
An NBA statement indicated the transaction is expected to be completed soon.
As part of the agreement, current owner Jeanie Buss will remain in her role for an additional five years, ensuring a degree of continuity in the leadership.
Mark Walter, who already holds shares in the Lakers franchise, serves as the CEO of TWG Global. His company boasts a diverse portfolio of sports teams.
These holdings include Major League Baseball’s Los Angeles Dodgers and the Women’s National Basketball Association’s Los Angeles Sparks. TWG Global also owns the Cadillac racing team, which is slated to compete in Formula 1 next year.