NBA approves Buss sale of Lakers to Dodgers owner | College News
The NBA board of governors unanimously authorised Mark Walter’s bid to buy a majority stake in the Lakers on Thursday, the league announced, marking a major shift for one of L.A.’s most important sports activities groups.
The Lakers had been a family-run group since Dr. Jerry Buss purchased the franchise in 1979. When he died in 2013, control went into a household trust with daughter, Jeanie Buss, appearing as the group’s governor. The Buss household constructed the group into one of the most recognizable manufacturers in sports activities, ultimately attracting a record-breaking $10-billion valuation. While the sale was authorised, Jeanie Buss will stay the group’s governor for at least 5 years after the transaction formally closes, the league announcement acknowledged.
“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 assertion launched by the group. “Few teams carry the legacy and global influence of the Lakers, and it’s a privilege to work alongside Jeanie Buss as we maintain that excellence and set the standard for success in this new era, both on and off the court.”
Walter, who also heads the group that owns the Dodgers and the Sparks, was seated next to Buss at the Lakers’ season opener on Oct. 21.
“Over the past decade, I have come to know Mark well — first as a businessman, then as a friend and now as a colleague,” Jeanie Buss said in a assertion. “He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and, on behalf of Lakers fans everywhere, I am beyond excited about what our future has in store.”
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