The longtime owners of the Los Angeles Lakers, the Buss family, have been hoping to sell their majority stake of the franchise to a group led by two Los Angeles Dodgers owners, Mark Walter and, in a more limited capacity, Todd Boehly.
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NBA Communications has confirmed an earlier report from this morning that the team's record $10 billion sale has now been unanimously approved by the league's board of governors.
The Lakers' premiere franchise is officially off the market
A Lakers press statement has verified the news, too.
“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 as part of the press release. “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.”
Walter and Boehly had procured 27 percent of the Lakers in 2021, with plans to eventually acquire the Buss family's majority share. Their deal to do so was initially announced this past June.
Current Lakers governor Jeanie Buss, who will supposedly maintain that role for the next half-decade, reflected on the big moment in the press release, too. The franchise has been in her family since her father, Dr. Jerry Buss, procured his controlling stake from Jack Kent Cooke in 1979. Under the Buss family's stewardship (particularly Jerry's), the Lakers appeared in a whopping 18 NBA Finals, winning 11 titles.
The Buss family will hold on to 15 percent of the Lakers going forward.
“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. “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.”
On the court, this year's Lakers team is off to a bumpy start, having been waylaid by injuries to superstars Luka Doncic and LeBron James for much of this first week-plus of the regular season. Three other key rotation pieces — point-of-attack defensive guards Marcus Smart and Gabe Vincent and reserve center Jaxson Hayes — have all missed multiple games, too.
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Still, thanks to Doncic's two healthy games (in which he scored a cool 92 combined points) and the rise of guard Austin Reaves as a lead ball handler, elite three-level scorer and clutch bucket getter, LA still boasts a 3-2 record on the year.
Doncic, at least, could be back within the next week or so as he recovers from a left finger sprain and a lower left leg contusion.
More Lakers news:
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- Lakers officially waive 6-foot former UNC standout, son of Hall of Fame guard
- Lakers may part with Austin Reaves, acquire $175 million Eastern Conference All-Star, per report