After reaching a $10 billion valuation agreement over the summer, Mark Walter is officially the majority owner of the Los Angeles Lakers.
Jeanie Buss sold her stake to the current chairman and controlling owner of the Los Angeles Dodgers in June after owning the majority of the franchise since 1979.
“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 release.
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“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.”
When Jerry Buss died in 2013, the Lakers were passed down to his children, and Jeanie has been serving as the team’s governor ever since. She will continue to oversee day-to-day team operations “for the foreseeable future,” the Lakers said. Reports state she will be the governor of the team for five more years.
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“Over the past decade, I have come to know Mark well — first as a businessman, then as a friend, and now as a colleague,” Buss said. “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.”
Walter co-founded the global investment and advisory financial services firm Guggenheim Partners in 1999, which has more than $325 billion in assets under its management.
The Lakers won 11 of their 17 championships under Buss ownership, with their last in 2020.
Walter’s Dodgers face a 3-2 deficit in the World Series after the Toronto Blue Jays won Game 5, 6-1, on Wednesday.
Fox Business’ Scott Thompson contributed to this report.
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