NBA Commissioner Adam Silver Announces Official Sale of Lakers

Jan 25, 2023; Los Angeles, California, USA; The Los Angeles Lakers logo at center court at Crypto.com Arena. Mandatory Credit: Kirby Lee-Imagn Images | Kirby Lee-Imagn Images

The NBA Board of Governors has officially and unanimously approved the sale of the Los Angeles Lakers to Mark Walter. 

NBA commissioner Adam Silver shared this statement on Thursday morning.

The sale of the Lakers has gone through. Adam Silver says in a statement that Jeanie Buss will remain an “active and engaged member” of the NBA as the team’s governor. pic.twitter.com/9Wa2SQP2H3

— Dave McMenamin (@mcten) October 30, 2025

More news: Lakers' Austin Reaves Has Brutal Reaction to New Luka Doncic Injury

“Mark Walter has a long ass association with our leaks, having served as a minority owner of the Lakers and as the principal owner of the WNBA’s Sparks for more than a decade,” said NBA Commissioner Adam Silver. “ as Mark assumes his role as majority owner of the Lakers, I have no doubt that he will be a committed steward of the team and a great addition to our league, given his many successful ventures and business and sports.

“ I also want to thank and congratulate Jeannie Buss and the Buss family for 46 years of transformational leadership and service. While this historic transaction transfers the Buss family’s majority interest in the Lakers, I am thrilled that Jeanie will remain the team’s governor and an active and engaged member of our league.” 

ESPN's Ramona Shleburne shared a few days ago that the sale of the Lakers would be finalized towards the end of the month, and that moment has finally come.

"Businessman Mark Walter is scheduled to present his bid to acquire the Los Angeles Lakers to the NBA's Advisory Finance Committee on Friday and could be approved as the franchise's new majority owner by the end of the month, sources with knowledge of the process told ESPN," Shelburne shared on Oct. 24. 

More news: Austin Reaves’ Stellar Play Could Create Dilemma for Lakers, Says Insider

In mid-June, ESPN’s Shams Charania revealed that the Buss family had agreed to sell a majority stake in the Lakers to Walter. The TWG Global CEO and chairman has held a minority stake in the organization since 2021.

The Lakers sale, which is at a valuation of $10 billion, is the most expensive sale in the history of all professional sports franchises.

The sale surpassed the previous record set by their bitter and arch rivals, the Boston Celtics, earlier in the year, which was at $6.1 billion.

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