Businessman Mark Walter is scheduled to present his bid to acquire the Los Angeles Lakers to the NBA's Advisory Finance Committee on Friday and could be approved as the franchise's new majority owner by the end of the month, sources with knowledge of the process told ESPN.
The committee will review Walter's bid at a $10 billion valuation to buy a controlling share of the franchise from the Buss family and then make a recommendation to the Board of Governors, which could vote on whether to approve Walter as soon as the end of next week, sources said.
Should Walter be approved, it would give him one of the most valuable collections of professional sports franchises in the world. He is the controlling owner of the Los Angeles Dodgers, who begin the World Series on Friday night in Toronto. Walter also owns the WNBA's Los Angeles Sparks, the Billie Jean King Cup, the new Cadillac Formula 1 team and the Professional Women's Hockey League. He is a part owner of Chelsea FC of the English Premier League.
If approved, the $10 billion valuation and purchase of the Lakers will shatter the record set by Josh Harris' purchase of the Washington Commanders for $6.05 billion in 2023 and topped by Bill Chisholm's $6.1 billion purchase of the Boston Celtics in July.
Walter is no stranger to record-breaking purchases. His $2.15 billion purchase of the Dodgers in 2012 turned heads at the time but has since proved prescient as the team is now valued between $6.8 billion (Forbes) and $7.73 billion (Sportico).
The Buss family will retain a minority ownership stake of more than 15%, allowing Lakers governor Jeanie Buss to remain in her role for the foreseeable future.
