Mark Walter is officially the majority owner of the Los Angeles Lakers.
Moments after the sale received unanimous approval from the NBA Board of Governors, the Lakers announced Mark Walter as the new majority
stakeholder in the franchise.
“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 statement released by the team. “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.”
Notably, Jeanie Buss will officially remain with the franchise as the governor for “at least five years,” as the NBA noted in its press release.
In previous instances around the league, the Board of Governors’ approval was typically the point when others who were originally set to remain in place as a governor were removed from the position.
Wyc Grousbeck of the Celtics stepped down as governor of the team one day prior to the Board of Governors approving the sale. With Mark Cuban and the Mavericks, there wasn’t anything really in writing saying he’d remain in charge, which is why he was quickly phased out.
This live story will be updated as more information becomes available.
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