URGENT UPDATE: Businessman Mark Walter is poised to present his groundbreaking bid to acquire the Los Angeles Lakers to the NBA’s Advisory Finance Committee this Friday, with potential approval as the franchise’s new majority owner by the end of the month. Sources close to the situation revealed that Walter’s bid is valued at an astonishing $10 billion, aiming to secure a controlling share from the Buss family.
The committee will evaluate Walter’s proposal, which, if endorsed, will be forwarded to the Board of Governors for a vote. That decision could come as early as next week, placing the future of the Lakers in Walter’s hands. This development marks a significant moment for the franchise and the NBA.
If approved, Walter’s acquisition will set a new record for the most expensive sports franchise purchase, surpassing Josh Harris‘s $6.05 billion purchase of the Washington Commanders in 2023 and Bill Chisholm‘s $6.1 billion acquisition of the Boston Celtics earlier this July. Walter’s reputation for record-breaking purchases is well-established, having acquired the Los Angeles Dodgers for $2.15 billion in 2012, a deal that has since proved highly lucrative as the team’s valuation skyrocketed.
Walter’s portfolio is impressive, already including ownership of the WNBA’s Los Angeles Sparks, the Billie Jean King Cup, and the new Cadillac Formula 1 team. He is also a part owner of Chelsea FC in the English Premier League. His expanding empire is set to include one of the most valuable collections of professional sports franchises in the world.
Importantly, the Buss family will maintain a minority ownership stake of over 15%, ensuring that Lakers Governor Jeanie Buss continues in her leadership role for the foreseeable future. This transition is poised to reshape the Lakers’ business operations, with league-wide reactions suggesting a new era for the storied franchise.
As the NBA prepares for Walter’s presentation, fans and stakeholders alike are eagerly awaiting the outcome, which could redefine the landscape of professional sports ownership. The implications of this deal extend beyond financial figures, potentially impacting team strategy, marketing, and fan engagement for years to come.
Stay tuned as this story develops. The NBA’s Advisory Finance Committee meeting is just days away, and the basketball world is watching closely for what could be a historic moment in sports.