Buss Family to Sell Los Angeles Lakers to Mark Walter in 10 Billion Deal
The Buss family is set to sell the Los Angeles Lakers to billionaire Mark Walter in a landmark 10 billion transaction Learn about the deals details and its impact on the NBA
In a historic move that will reshape the landscape of professional basketball the Buss family has agreed to sell the iconic Los Angeles Lakers franchise to billionaire investor Mark Walter at a staggering 10 billion valuation .
End of an Era for the Buss Family
The Buss family has been synonymous with the Lakers since 1979 when Dr Jerry Buss purchased the team and built it into a global basketball powerhouse Under the familys stewardship the Lakers captured 11 NBA championships and became one of the most recognized sports brands worldwide This sale marks the end of a more than four decade long era of family ownership .
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Jeanie Buss the current team president and controlling owner reportedly made the difficult decision in consultation with family members and team executives The move is being described as a strategic step to transition the franchise into new hands capable of navigating the evolving sports business landscape .
Mark Walter to Take Over Ownership
Mark Walter cofounder and CEO of Guggenheim Partners and coowner of the Los Angeles Dodgers will become the principal owner of the Lakers Known for his significant investments in sports and media Walter brings a strong business background and a deep interest in professional athletics His purchase signals a commitment to maintaining the Lakers competitive legacy while exploring new commercial opportunities .
Impact on the NBA and Lakers Fans
The 10 billion valuation sets a new benchmark for NBA franchise worth highlighting the leagues explosive growth and global appeal NBA Commissioner Adam Silver expressed support for the transition noting Walters track record and vision for innovation .
While fans may be surprised by the change in ownership league insiders suggest the team is in capable hands Walter is expected to retain key management personnel and focus on enhancing both on court performance and fan engagement .
This deal is subject to final approval by the NBA Board of Governors and is expected to close later this year .