Mark Walter’s $10 billion Lakers bid heads to NBA committee Friday
Businessman Mark Walter is just days away from potentially becoming the new face of Lakers ownership. He’s scheduled to present his massive bid to the NBA’s Advisory Finance Committee on Friday and could be approved as the franchise’s new majority owner by the end of October, according to ESPN’s Ramona Shelburne.
The Buss family agreed to sell majority ownership to Walter at a jaw-dropping $10 billion valuation, as first reported by ESPN’s Shams Charania back in June.
“The committee will review Walter’s bid at a $10 billion valuation to buy a controlling share of the franchise from the Buss family and then make a recommendation to the Board of Governors, which could vote on whether to approve Walter as soon as the end of next week,” Shelburne wrote.
The Buss family won’t be completely stepping away, though. They’ll keep a minority stake of more than 15% after the sale.
Jeanie Buss made it clear she’s not going anywhere anytime soon. In her statement, she emphasized that she’ll “continue to oversee all team operations on a day-to-day basis for the foreseeable future.”
Walter’s growing sports empire
At 65, Mark Walter is already a major player in the sports world.
He currently controls the Los Angeles Dodgers and owns the WNBA’s Los Angeles Sparks.
His portfolio doesn’t stop there. Walter also owns the Billie Jean King Cup, the new Cadillac Formula 1 team, and the Professional Women’s Hockey League. He even has a stake in Chelsea FC of the English Premier League.
If approved, this deal will absolutely shatter previous sports franchise records. The $10 billion price tag dwarfs Josh Harris’ $6.05 billion purchase of the Washington Commanders last year and Bill Chisholm’s recent $6.1 billion acquisition of the Boston Celtics.
Walter has a knack for smart investments. He bought the Dodgers for $2.15 billion in 2012, and the team is now worth between $6.8 billion (according to Forbes) and $7.73 billion (per Sportico).
A legendary franchise changing hands
The Lakers aren’t just any team. They’re basketball royalty.
With 17 NBA championships, they’re second only to the Celtics’ 18 titles. No team has appeared in more NBA Finals than the Lakers’ 32.
The Purple and Gold last won it all in 2020, defeating the Miami Heat for their most recent championship.
They’ve made the playoffs three straight years since 2022.
But recent postseasons have been disappointing. The team has suffered back-to-back first-round exits, leaving fans hungry for another deep playoff run.
If Walter’s ownership bid gets the green light from the Board of Governors, he’ll take control of one of the most storied franchises in all of professional sports – and face the pressure that comes with those legendary gold and purple jerseys.
