Washington, DC – American billionaire Mark Walter has become the majority owner of the Los Angeles Lakers, one of the most prestigious teams in the National Basketball Association (NBA). This comes after the league’s Board of Governors approved his purchase of a controlling stake from the historic Bass family’s ownership on Thursday.
The Lakers and the NBA confirmed the move. This represents the final stage in a sale deal first announced last June. The sale was completed with a franchise valuation of $10 billion, the highest ever for a professional sports team.
Walter Bass is Bass’s partner in “The New Era.”
The deal reflects a major change in ownership of the team. It was purchased in 1979 by Jerry Bass, Ginny Bass’s father. Despite the sale, Ginny Bass will remain the team’s head under the agreement for at least five years. She will oversee day-to-day operations “for the foreseeable future.”
Mark Walter, through his investment group TWG Global, is a prominent figure in the Los Angeles sports scene. His group already owns the Los Angeles Dodgers (Maze League baseball) and the Los Angeles Sparks (WNBA women’s basketball).
Also, a majority stake in the new Cadillac Formula 1 team, which will begin competing next year.
Walter expressed his pride in the deal, citing the Lakers’ global stature and legacy. “The Los Angeles Lakers are one of the greatest sports teams in the world, with a history of excellence and a relentless pursuit of greatness,” he said. “I am honored to work alongside Gene Buss to maintain that excellence and set the standard for success in this new era, both on and off the court.”
For her part, Jeannie Buss welcomed the new owner. She emphasized their strong relationship: “Over the past decade, I’ve gotten to know Mark very well. First as a businessman, then as a friend, and now as a colleague. He has repeatedly demonstrated his commitment to bringing championships to Los Angeles. On behalf of Lakers fans everywhere, I’m incredibly excited about what the future holds.”
The Los Angeles Lakers have won 17 NBA championships. They have built their global reputation through generations of stars, from George Meekan to LeBron James.
