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Businessman Mark Walter’s acquisition of majority ownership in the Los Angeles Lakers is expected to close in the third or fourth quarter of this year, a deal that would valuate the franchise at $10 billion.
In a statement Wednesday, the team confirmed that Jeannie Bass, whose family has been controlling the Lakers for 46 years, will remain governor of the team and “continue to oversee all team operations on a foreseeable future daily basis.”
Walter has been the Lakers minority owner since 2021. Jenny Bass’ father, Jerry Bass, bought the team in 1979.
“From the day my dad bought the Lakers, we are determined to deliver what the city of Los Angeles deserves and demands. “I have taken the time to get to know Mark very well and are delighted to learn how he shares the same values. For the past four years, Mark has been an excellent partner for us and is thrilled to continue working with him to continue the Lakers’ extraordinary legacy.”
Walter, chairman and CEO of diversified holding company TWG Global, has acquired ownership of the Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, the Billy Junking Cup, the Cadillac Formula 1 team and the professional women’s hockey league.
He said the Lakers are “one of the most iconic franchises in the sport.”
“Since Dr. Jerry Bass first bought the team in 1979, they’ve really set basketball standards one after another, so you can find people who wear Lakers shirts and jerseys anywhere in the world,” Walter said.
The Lakers sale deal comes about three months after Bill Chisholm agreed to buy the Boston Celtics at an initial valuation of $6.1 billion.
The Celtics sale has not yet been finalized and final approval by the NBA board is pending.
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