The sale of the Los Angeles Lakers to billionaire Mark Walters is expected to close later this year in a deal that will keep Jenny Buss as the club’s governor “for the foreseeable future,” Walters and Buss announced Wednesday. The official confirmation comes a week after US media reported that the Bass family would sell a controlling interest in the iconic NBA franchise in a record-breaking US$10 billion deal that makes the Lakers the most-valuable team in US sports history.
“Businessman and philanthropist Mark Walter has reached an agreement with the Bass Family Trust to acquire a majority stake in the NBA’s Los Angeles Lakers,” said a statement of the agreement issued by the interested parties. “Genie Buss will remain the governor of the franchise and continue to oversee all team operations on a day-to-day basis for the foreseeable future.”
“From the day our father bought the Lakers, we have been determined to deliver what the city of Los Angeles deserves and demands: a team committed to winning — relentlessly — and doing so with passion and style,” Jenny Bass said in the statement.
“I’ve gotten to know Mark very well over time and was delighted to learn how he shares the same values,” Bass added. “Mark has been an excellent partner for us over the past four years, and we are thrilled to be working with him to continue the Lakers’ remarkable legacy.”
Walter is the CEO of TWG Global, the holding company that has built an impressive portfolio of professional sports teams, including the Los Angeles Dodgers and Los Angeles Sparks. He is also part of the ownership group of English Premier League team Chelsea.
TWG owned the Billie Jean King Cup tennis tournament and the Cadillac Formula One team, and Walter was already a minority owner of the Lakers.
His acquisition of the Lakers would mark the end of an era in the NBA, whose modern popularity owes much to the franchise’s heyday in the 1980s.
The Lakers were purchased in 1979 by charismatic tycoon Jerry Bass, who quickly helped turn the franchise into a sports powerhouse as well as a globally recognized brand.
The Bass era brought the Lakers 11 NBA championships — more than any other team during the same period — and included a golden era that included the “Showtime” Lakers of Magic Johnson as well as a hat trick of championships from 2000 to 2002 when the team was led by Kobe Bryant.
Most recently the team hired superstar LeBron James, who led the Lakers to their 17th championship in 2020 and previously shocked the league by swiping for Dallas Mavericks star Luka Doncic.
“The Lakers have long been one of the most iconic franchises in sports,” Walter said in the statement. “Since Dr. Jerry Bass first purchased the team in 1979, they have truly set the standard for basketball through the ages, which is why you can find people wearing Lakers shirts and jerseys anywhere in the world.”
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