Mark Walter Could Be Approved As Los Angeles Lakers’ New Majority Owner By End Of October
Mark Walter could be approved as the Los Angeles Lakers’ new majority owner by the end of October, according to NBA insider Ramona Shelburne of ESPN.
Walter is buying the Lakers for $10 billion. Jeanie Buss, though, will remain the majority governor.
“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 wrote.
“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, sources said.”
Dr. Jerry Buss bought the Lakers from Jack Kent Cooke in 1979 for $67.5 million. Los Angeles has won 17 NBA championships in franchise history. Only the Boston Celtics (18) have won more.
The Lakers won the 2020 title against the Miami Heat at the Walt Disney World bubble behind LeBron James and Anthony Davis. They haven’t been back to the NBA Finals since then.
Los Angeles acquired Luka Dončić from the Dallas Mavericks last season. The superstar signed an extension this offseason worth $161 million.
Dončić is expected to decline his 2028-29 player option with the Lakers and sign a new deal with the Purple and Gold.
James, 40, becomes an unrestricted free agent next offseason for the first time since 2018. He turns 41 in December and is the oldest active player in the NBA.
It’s unknown if James will retire after this season or continue to play. He’s currently out with sciatica on his right side.
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