The Buss family’s four-decade run as majority owner of the Los Angeles Lakers is ending as the NBA approved the sale of the team to Mark Walter.
The Buss family will retain an ongoing interest, and the league said the transaction is expected to close shortly.
Walter, the CEO and co-chairman of TWG Global, is also a majority owner of the Los Angeles Dodgers.
“Mark Walter has a long association with our leagues, having served as a minority owner of the Lakers and as the principal owner of the WNBA’s Sparks for more than a decade,” NBA Commissioner Adam Silver said in a statement. “As Mark assumes his role as majority owner of the Lakers, I have no doubt that he will be a committed steward of the team and a great addition to our league given his many successful ventures in business and sports.
Dr. Jerry Buss bought the Lakers in 1979 for $67.5 million, and the team achieved immediate success, winning an NBA championship the following year. Los Angeles went on to win nine more titles in 16 appearances under Buss, until he died in 2013.
Upon his death, control of the team went into a family trust, with Jeanie Buss, his daughter, serving as the team’s Governor. She will remain the team’s Governor for a period of at least five years following the closing of the transaction.
“I also want to thank and congratulate Jeanie Buss and the Buss family for 46 years of transformational leadership and service. While this historic transaction transfers the Buss family’s majority interest in the Lakers, I am thrilled that Jeanie will remain the team’s Governor and an active and engaged member of our league.”