NBA Board approves Lakers sale to Mark Walter for about $10B

The NBA's Board of Governors unanimously approved the sale of the Los Angeles Lakers to Mark Walter on Thursday, formally transferring majority control of the franchise to the Guggenheim Partners chief and owner of the Los Angeles Dodgers for a reported valuation of about $10 billion. The transaction ends the Buss family’s 46-year run as the Lakers’ majority owners and is expected to close in the coming days, the league said.

Walter, who already held a minority stake in the Lakers, will assume the majority interest in one of the league’s most valuable and historically successful teams. The league and the team said Jeanie Buss will retain a 15 percent ownership stake and will remain the Lakers’ governor for at least five years, continuing to oversee day-to-day operations. The Board of Governors approved the sale unanimously, according to the NBA.

In a team-issued statement, Walter called the Lakers “one of the most iconic franchises in all of sports” and said it is “a privilege to work alongside Jeanie Buss as we maintain that excellence.” Commissioner Adam Silver praised Buss’s continued role, saying he is “thrilled that Jeanie will remain the team’s governor and an active and...