Mark Walter has moved one step closer to becoming the controlling owner of the Los Angeles Lakers.
The NBA announced on Thursday that the board of governors unanimously approved Walter’s purchase of the Lakers from the Buss family, with Ramona Shelburne of ESPN reporting that Walter closed on the sale of the team after being approved by the league.
The Buss family agreed in June to sell their majority ownership stake in the Lakers to Walter at a valuation of $10 billion.
Per Shelburne, the agreement included a guarantee that Jeanie Buss would remain as governor “for the foreseeable future” and Walter “fully endorsed” the plan.
The NBA’s announcement after the board of governors vote noted Buss will retain her title as governor of the Lakers “for a period of at least five years following the closing of the transaction.”
Walter is the CEO and co-chairman of multinational holding company TWG Global. The 65-year-old has an estimated net worth of $7.3 billion, per Forbes. His portfolio includes ownership stakes in various sports leagues and franchises, including the Los Angeles Dodgers, Los Angeles Sparks, Chelsea and the Professional Women’s Hockey League.
The $10 billion valuation in the Lakers’ sale is the richest ever for any sports franchise in the world, surpassing the $6.1 billion price tag that a group led by Bill Chisholm paid for the Boston Celtics that was approved by the NBA in August.
When the sale officially closes, it will mark the first time in 46 years that the Buss family is not the controlling owner for the Lakers. Dr. Jerry Buss, Jeanie’s father, bought the team from Jack Kent Cooke for $67.5 million in 1979.
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