The NBA board of governors unanimously approved Mark Walter’s bid to buy a majority stake in the Lakers on Thursday, the league announced, marking a major shift for one of L.A.’s most significant sports teams.
The Lakers had been a family-run team since Dr. Jerry Buss bought the franchise in 1979. When he died in 2013, control went into a family trust with daughter, Jeanie Buss, acting as the team’s governor. The Buss family built the team into one of the most recognizable brands in sports, eventually attracting a record-breaking $10 billion valuation.