LOS ANGELES: The sale of the Los Angeles Lakers to billionaire Mark Walter is expected to close later this year in a deal that will see Jeanie Buss remain governor of the club “for the foreseeable future,” Walter and Buss announced on Wednesday.
The official confirmation comes a week after US media reported that the Buss family would sell controlling interest in the iconic NBA franchise in a record-breaking US$10 billion deal that makes the Lakers the highest-valued team in US sports history.
“Businessman and philanthropist Mark Walter has reached an agreement with the Buss Family Trust to acquire a majority stake in the NBA’s Los Angeles Lakers,” a statement on the deal issued by the interested parties said. “Jeanie Buss will remain governor of the franchise and continue to oversee all team operations on a day-to-day basis for the foreseeable future.”