Lakers New Majority Owner Releases Statement After Team Sale Finalized

Jun 18, 2022; Los Angeles, CA, USA; Mark Walter, Owner and Chairman, Los Angeles Dodgers speaks during the unveiling ceremony of a brand new Koufax commemorative statue at the Centerfield Plaza at Dodger Stadium. Mandatory Credit: Jayne Kamin-Oncea-Imagn Images | Jayne Kamin-Oncea-Imagn Images

Los Angeles Lakers new owner Mark Walter issued a statement now that the sale has been finalized.

Months ago, it was reported that Walter, CEO of Guggenheim Partners, struck a deal to buy the famed franchise for $10 billion from the Buss Family, who have owned the team since 1979.

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Walter is involved in several sports, owning MLB’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks, while also participating in TWG Global, which holds a majority stake in the Cadillac Formula 1 Team.

On Thursday, the NBA Board of Governors voted to approve the sale of the Lakers, allowing Walters to issue his first statement as owner of the Lakers.

“The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness,” Walter said in a statement.

“Few teams carry the legacy and global influence of the Lakers, and it’s a privilege to work alongside Jeanie Buss as we maintain that excellence and set the standard for success in this new era, both on and off the court.”

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Jeanie Buss will remain governor of the club and continue to oversee day-to-day operations “for the foreseeable future,” according to the announcement.

“Over the past decade, I have come to know Mark well — first as a businessman, then as a friend and now as a colleague,” Jeanie Buss said in a statement.

“He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and, on behalf of Lakers fans everywhere, I am beyond excited about what our future has in store.”

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Jeanie's father, Jerry Buss, bought the Lakers for $67.5 million in 1979, and now his daughter has sold it for billions of dollars, making it the biggest sale in professional sports history.

The dynamic between Buss and Walter will be interesting to watch as they continue their partnership. It is unclear who will make decisions regarding the basketball production on the court.

If Walter manages the team similarly to the Dodgers, the Lakers should end up becoming a modern, efficient powerhouse.

For more news and notes on the Los Angeles Lakers, visit Los Angeles Lakers on SI.