Mark Walter and Lakers say sale of the team is expected to close later this year

Los Angeles Dodgers co-owner Mark Walter, right, talks with manager Don Mattingly prior to their baseball game against the San Diego Padres, Sept. 3, 2012, in Los Angeles. (AP Photo/Mark J. Terrill, File)

Businessman Mark Walter’s acquisition of the majority ownership stake of the Los Angeles Lakers, in a deal that puts the franchise valuation at US$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.

He said the Lakers “have long been one of the most iconic franchises in sports.”

“Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys,” Walter said.

The agreement for the sale of the Lakers came about three months after Bill Chisholm agreed to buy the Boston Celtics with an initial valuation of $6.1 billion — which was going to be a record, topping the previous mark of $6.05 billion sale for the NFL’s Washington Commanders.

The Celtics’ sale is not yet finalized, pending final approval by the NBA’s board of governors.