Sale of Lakers from Buss family to Mark Walter approved by NBA

Sale of Lakers approved by NBA

On Thursday, the NBA Board of Governors officially announced the sale of the Lakers to Mark Walter.

LOS ANGELES - In one of the biggest sales in sports history, the NBA Board of Governors officially approved the sale of the Los Angeles Lakers to Mark Walter, it was announced Thursday. 

Walter, CEO of Guggeneheim Partners, is also the co-owner and chairman of the Dodgers, who are currently fighting for back-to-back World Series championships.

What we know:

The ownership change comes as the Lakers enter a new era under their new star, Luka Dončić. The international superstar reportedly was involved in the Lakers' offseason moves, including bringing Deandre Ayton and Marcus Smart to LA. 

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Walter's acquisition of the team was formally announced by the NBA and Lakers on Thursday morning.

Dr. Jerry Buss purchased the team in 1979 and following his passing, the torch was passed down to his children. 

"Over the past decade, I have come to know Mark well—first as a businessman, then as a friend and now as a colleague," said Jeanie Buss in a press release. "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."

PREVIOUS COVERAGE: Lakers sold: Buss family sells majority stake for $10B, reports say

Adam Silver releases a statement

What they're saying:

"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," said NBA Commissioner Adam Silver in a released 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."