UPDATE: Businessman Mark Walter is set to present his bid to acquire the Los Angeles Lakers to the NBA’s Advisory Finance Committee today, potentially paving the way for him to become the franchise’s new majority owner by the end of the month. Sources close to the situation reveal that Walter’s proposed valuation for the team is a staggering $10 billion, which would represent a historic transaction in the sports industry.
The committee will review Walter’s bid and make a recommendation to the Board of Governors, which could vote on the approval as early as next week. If granted ownership, Walter would add the Lakers to an already impressive portfolio that includes the Los Angeles Dodgers, who are competing in the World Series tonight, and the WNBA’s Los Angeles Sparks.
This deal, if finalized, would shatter the previous record for sports franchise purchases. The current record is held by Josh Harris, who bought the Washington Commanders for $6.05 billion in 2023, followed closely by Bill Chisholm’s acquisition of the Boston Celtics for $6.1 billion in July. Walter’s bid would not only exceed these figures but also mark a significant shift in the valuation of sports franchises.
Walter’s experience in high-stakes acquisitions is noteworthy; his purchase of the Dodgers for $2.15 billion in 2012 is now seen as a savvy investment, with the team currently valued between $6.8 billion (according to Forbes) and $7.73 billion (per Sportico).
Additionally, the Buss family, who have owned the Lakers for decades, will retain a minority stake of more than 15%, ensuring that Jeanie Buss, the current Lakers Governor, remains involved in team operations for the foreseeable future.
As the sports community awaits the Advisory Finance Committee’s decision, all eyes are on Walter’s bid and the implications it could have on the future of the Lakers, one of the most storied franchises in NBA history. Fans and investors alike are eager to see how this developing story unfolds.
Stay tuned for further updates as this situation progresses.
