Mark Walter has become the principal owner of the Los Angeles Lakers after the NBA Board of Governors sanctioned his acquisition of a controlling interest from the Buss family. The franchise has confirmed the transaction is expected to finalize soon, following an initial announcement in June.

Jeanie Buss will continue to serve as the team’s governor for a minimum of five years, overseeing daily operations “for the foreseeable future”. Her father, Jerry Buss, purchased the Lakers in 1979 for $67.5 million.

Walter is now the primary stakeholder of the franchise, which boasts the highest valuation ever for a professional sports team at $10 billion. His TWG Global investment company also owns the Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. Furthermore, Walter’s group is the majority proprietor of the new Cadillac Formula 1 team set to compete next year.

In a statement, Walter expressed, “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. 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.”

The Lakers’ storied history includes 17 NBA championships and a international fan base established through consistent victories featuring basketball legends, from George Mikan to LeBron James.

In her comments, Jeanie Buss stated, “Over the past decade, I have come to know Mark well — first as a businessman, then as a friend, and now as a colleague. 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.”