Businessman Mark Walter's acquisition of the majority ownership stake of the Los Angeles Lakers, in a deal that puts the franchise valuation at 10 billion, is expected to close in the third or fourth quarter of this year.
In a statement Wednesday, the sides confirmed that Jeanie Buss - whose family has had control of the Lakers for 46 years - will remain governor of the team and "continue to oversee all team operations on a day-to-day basis for the foreseeable future."
Walter has been a minority owner of the Lakers since 2021. Jerry Buss, Jeanie Buss' father, bought the team in 1979.
"From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning - relentlessly - and to doing so with passion and with style," Jeanie Buss said. "I have gotten to know Mark very well over time and been delighted to learn how he shares those same values. For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue the Lakers' extraordinary legacy."
Walter, the chairman and CEO of TWG Global, a diversified holding company, has ownership stakes in the Los Angeles Dodgers, the WNBA's Los Angeles Sparks, the Billie Jean King Cup, the Cadillac Formula 1 Team and the Professional Women's Hockey League.