Walter approved as Lakers' owner, closes on sale

Billionaire businessman Mark Walter was unanimously approved arsenic the caller bulk proprietor of the Los Angeles Lakers by the NBA Board of Governors connected Thursday.

Walter past instantly closed connected the merchantability of the franchise from the Buss household astatine a $10 cardinal valuation, sources told ESPN.

"The Los Angeles Lakers are 1 of the astir iconic franchises successful each of sports, defined by a past of excellence and the relentless pursuit of greatness," Walter said successful a statement. "Few teams transportation the bequest and planetary power of the Lakers, and it's a privilege to enactment alongside Jeanie Buss arsenic we support that excellence and acceptable the modular for occurrence successful this caller era, some connected and disconnected the court."

Walter present has 1 the astir invaluable collections of nonrecreational sports franchises successful the world. His TWG Global concern radical is the controlling proprietor of the Los Angeles Dodgers, who volition play Game 6 of the World Series Friday nighttime successful Toronto. The radical besides owns the WNBA's Los Angeles Sparks, tennis' Billie Jean King Cup, the Cadillac Formula 1 squad and the Professional Women's Hockey League. He is simply a portion proprietor of Chelsea F.C. of the English Premier League.

The Buss household volition clasp a number ownership involvement successful the squad of much than 15%, allowing existent Lakers Governor Jeanie Buss to stay successful her relation for astatine slightest the adjacent 5 years. She volition oversee day-to-day operations "for the foreseeable future," the squad said.

"Over the past decade, I person travel to cognize Mark good -- archetypal arsenic a businessman, past arsenic a person and present arsenic a colleague," Buss said successful her statement. "He has demonstrated clip and clip again his committedness to bringing championships to Los Angeles, and, connected behalf of Lakers fans everywhere, I americium beyond excited astir what our aboriginal has successful store."

The $10 cardinal valuation and acquisition of the Lakers shatters the grounds acceptable by Bill Chisholm's $6.1 cardinal acquisition of the Boston Celtics successful July.

Walter is nary alien to record-breaking purchases. His $2.15 cardinal acquisition of the Dodgers successful 2012 turned heads astatine the time, but it has since proved prescient arsenic the Dodgers are present valued betwixt $6.8 cardinal (Forbes) and $7.73 cardinal (Sportico).

"Mark Walter has a agelong relation with our leagues, having served arsenic a number proprietor of the Lakers and arsenic the main proprietor of the WNBA's Sparks for much than a decade," NBA commissioner Adam Silver said successful a statement. "As Mark assumes his relation arsenic bulk proprietor of the Lakers, I person nary uncertainty that helium volition beryllium a committed steward of the squad and a large summation to our league fixed his galore palmy ventures successful concern and sports.

"I besides privation to convey and congratulate Jeanie Buss and the Buss household for 46 years of transformational enactment and service. While this historical transaction transfers the Buss family's bulk involvement successful the Lakers, I americium thrilled that Jeanie volition stay the team's Governor and an progressive and engaged subordinate of our league."

Jerry Buss bought the Lakers, the NHL's Los Angeles Kings and the Forum arena from Jack Kent Cooke for $67.5 million.

The Associated Press contributed to this report.